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Saving Privacy Act

3/31/2025, 2:10 PM

Summary of Bill HR 2155

Bill 119 HR 2155, also known as the "Preserving Financial Privacy Act," aims to amend the Right to Financial Privacy Act of 1978 in order to protect the confidentiality of certain financial records. The bill seeks to ensure that individuals' financial information remains private and secure, while also allowing for necessary law enforcement access to these records in cases of suspected criminal activity.

The main purpose of this bill is to strike a balance between protecting individuals' privacy rights and allowing for the investigation and prosecution of financial crimes. By preserving the confidentiality of certain financial records, the bill aims to prevent unauthorized access to sensitive information and safeguard individuals' personal and financial data.

In addition to preserving financial privacy, the bill also includes provisions for enhancing cybersecurity measures and improving data protection protocols. These measures are designed to prevent data breaches and unauthorized access to financial records, further ensuring the security and privacy of individuals' information. Overall, Bill 119 HR 2155 seeks to strengthen the protections afforded to individuals' financial information, while also providing law enforcement with the necessary tools to combat financial crimes. By striking a balance between privacy rights and law enforcement needs, the bill aims to promote financial security and protect individuals' personal data.

Congressional Summary of HR 2155

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.  

Current Status of Bill HR 2155

Bill HR 2155 is currently in the status of Bill Introduced since March 14, 2025. Bill HR 2155 was introduced during Congress 119 and was introduced to the House on March 14, 2025.  Bill HR 2155's most recent activity was Referred to the Committee on Financial Services, and in addition to the Committees on the Judiciary, Rules, the Budget, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. as of March 14, 2025

Bipartisan Support of Bill HR 2155

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 2155

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill HR 2155

To amend the Right to Financial Privacy Act of 1978 to preserve the confidentiality of certain records, and for other purposes.
To amend the Right to Financial Privacy Act of 1978 to preserve the confidentiality of certain records, and for other purposes.

Comments

Sponsors and Cosponsors of HR 2155

Andrew Ogles
Andrew Ogles
TennesseeRepublican

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