Bill > S809

This bill, called the Saving Privacy Act, is a comprehensive legislative proposal that addresses multiple financial privacy, regulatory, and cryptocurrency-related issues. The bill contains eight major titles that seek to reform various aspects of financial regulation and government oversight. Key provisions include: terminating the Consolidated Audit Trail (a centralized financial transaction tracking system), prohibiting the Federal Reserve from issuing a central bank digital currency, implementing stricter congressional review of federal agency rulemaking, establishing more severe penalties for unauthorized financial record access, raising the reporting threshold for third-party payment network transactions, and preventing federal agencies from restricting individuals' use of convertible virtual currencies. The bill aims to enhance financial privacy protections, reduce government surveillance of financial transactions, limit regulatory overreach, and protect individuals' rights to use digital currencies. Notably, the bill would require congressional approval for major regulatory rules, impose criminal and civil penalties for unauthorized financial record access, and specifically prevent federal agencies from preventing individuals from using cryptocurrencies or self-hosted digital wallets for personal transactions. The legislation represents a significant effort to restrain government intrusion into financial privacy and limit regulatory power across multiple domains.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/809/all-info