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S 809 119th Congress Senate Finance and Financial Sector

Saving Privacy Act

Introduced: February 27, 2025 Introduced by: Lee, Mike Republican · Utah See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 27, 2025
Read twice and referred to the Committee on Finance.
Feb 27, 2025
Introduced in Senate
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 Plain-English summary Congressional Research Service

Saving Privacy Act

This bill eliminates or restricts various financial reporting requirements and requires congressional approval for new and existing regulations issued by specified financial regulatory agencies.

Specifically, the bill eliminates provisions that require financial institutions to report certain financial information to federal agencies. Currently, financial institutions are required to report certain financial transactions (e.g., transfers of over $10,000) for the purpose of detecting illicit activity, such as money laundering or the financing of terrorism. Under the bill, such records are only obtainable through a search warrant. Further, the bill generally prohibits the federal government from accessing an individual’s financial records without a warrant based on probable cause and establishes criminal penalties for violations.

Additionally, the bill requires congressional approval for major rules issued by specified financial regulatory agencies, including rules currently in effect. 

The bill also eliminates or reduces reporting requirements applicable to (1) the beneficial ownership of certain corporate entities; (2) third-party settlement organizations (e.g., certain online platforms, apps, and card payment processors); and (3) the Consolidated Audit Trail (i.e., data collected by national securities exchanges to track securities market activity).

The bill generally prohibits federal agencies from issuing or using a central bank digital currency.

The bill prohibits federal agencies from restricting a person's use of convertible virtual currency for their own purposes or to conduct transactions through a self-hosted wallet.  

What's happening now February 27, 2025

Read twice and referred to the Committee on Finance.

 Related & companion bills 6
  • S 368 Related bill BLOCK Act
  • HR 533 Related bill Bank Privacy Reform Act
  • HR 142 Related bill Regulations from the Executive in Need of Scrutiny Act of 2025
  • S 464 Related bill No CBDC Act
  • HR 1430 Related bill No CBDC Act
  • HR 2155 Related bill Saving Privacy Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Lobbying activity 8

Registered lobbyists who named this bill in their disclosure filings. Source: federal Lobbying Disclosure Act filings.

See all 8 filings →
 Cosponsors 1
All 1 Republican 1
R
Scott, Rick
Florida · Feb 27, 2025
Cite this page click to expand
APA
U.S. Congress. (2026). S. 809: Saving Privacy Act. 119th Congress. Open America. https://openamerica.io/bill/119-S-809/
MLA
"S. 809: Saving Privacy Act." 119th Congress, 2026, Open America, https://openamerica.io/bill/119-S-809/.
Bluebook (legal)
S. 809, 119th Cong. (2026), https://openamerica.io/bill/119-S-809/.
Markdown link
[S. 809: Saving Privacy Act](https://openamerica.io/bill/119-S-809/)
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