I 
119TH CONGRESS 
1ST SESSION H. R. 2155 
To amend the Right to Financial Privacy Act of 1978 to preserve the 
confidentiality of certain records, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 14, 2025 
Mr. OGLES introduced the following bill; which was referred to the Committee 
on Financial Services, and in addition to the Committees on the Judici-
ary, Rules, the Budget, and Ways and Means, for a period to be subse-
quently determined by the Speaker, in each case for consideration of such 
provisions as fall within the jurisdiction of the committee concerned 
A BILL 
To amend the Right to Financial Privacy Act of 1978 to 
preserve the confidentiality of certain records, and for 
other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘Saving Privacy Act’’. 
(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
Sec. 1. Short title; table of contents. 
VerDate Sep 11 2014 
22:47 Mar 27, 2025
Jkt 059200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6211
E:\BILLS\H2155.IH
H2155
ssavage on LAPJG3WLY3PROD with BILLS
TITLE I—BANK PRIVACY REFORM 
Sec. 101. Bank Secrecy Act reforms. 
TITLE II—AMENDMENTS TO THE RIGHT TO FINANCIAL PRIVACY 
ACT OF 1978 
Sec. 201. Warrant requirements and exceptions. 
TITLE III—CONSOLIDATED AUDIT TRAIL 
Sec. 301. Requirements and prohibitions regarding the Consolidated Audit 
Trail. 
TITLE IV—NO CENTRAL BANK DIGITAL CURRENCY 
Sec. 401. Central bank digital currency. 
TITLE V—REGULATIONS FROM THE EXECUTIVE IN NEED OF 
SCRUTINY 
Sec. 501. Purpose. 
Sec. 502. Congressional review of certain agency rulemaking. 
Sec. 503. Budgetary effects of rules subject to section 802 of title 5, United 
States Code. 
Sec. 504. Government Accountability Office study of rules. 
TITLE VI—SUSPICIOUS ACTIVITY 
Sec. 601. Criminal penalties. 
Sec. 602. Civil penalties. 
Sec. 603. Other relief. 
TITLE VII—STOPPING THE NOSY OBSESSION WITH ONLINE 
PAYMENTS 
Sec. 701. Repeal of modification of exceptions for reporting of third party net-
work transactions. 
TITLE VIII—PROHIBITION ON RESTRICTIONS RELATING TO 
CONVERTIBLE VIRTUAL CURRENCY 
Sec. 801. Short title. 
Sec. 802. Prohibition on restricting use of convertible virtual currency by a per-
son to purchase goods or services for the person’s own use. 
TITLE I—BANK PRIVACY 
REFORM 
SEC. 101. BANK SECRECY ACT REFORMS. 
(a) RIGHT TO FINANCIAL PRIVACY ACT OF 1978.— 
The Right to Financial Privacy Act of 1978 (12 U.S.C. 
3401 et seq.) is amended— 
VerDate Sep 11 2014 
22:47 Mar 27, 2025
Jkt 059200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H2155.IH
H2155
ssavage on LAPJG3WLY3PROD with BILLS
(1) by amending section 1102 (12 U.S.C. 3402) 
to read as follows: 
‘‘SEC. 1102. CONFIDENTIALITY OF RECORDS—GOVERN-
MENT AUTHORITIES. 
‘‘Except as provided by subsection (c) or (d) of sec-
tion 1103 or section 1113, no Government authority may 
have access to or obtain copies of, or the information con-
tained in the financial records of any customer from a fi-
nancial institution unless the financial records are reason-
ably described and such financial records are disclosed in 
response to a search warrant which meets the require-
ments of section 1106.’’; 
(2) by striking sections 1104 (12 U.S.C. 3404), 
1105 (12 U.S.C. 3405), 1107 (12 U.S.C. 3407), and 
1108 (12 U.S.C. 3408); and 
(3) in section 1109(a) (12 U.S.C. 3409(a)), by 
striking 
‘‘section 
1104(c), 
1105(2), 
1106(c), 
1107(2), 1108(4),’’ and inserting ‘‘section 1106(c)’’. 
(b) TITLE 31.—Chapter 53 of title 31, United States 
Code, is amended— 
(1) by amending section 5311 to read as fol-
lows: 
‘‘§ 5311. Declaration of purpose 
‘‘It is the purpose of this subchapter to require finan-
cial institutions to retain transaction records that include 
VerDate Sep 11 2014 
22:47 Mar 27, 2025
Jkt 059200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H2155.IH
H2155
ssavage on LAPJG3WLY3PROD with BILLS
information identified with or identifiable as being derived 
from the financial records of particular customers.’’; 
(2) in section 5312(a)— 
(A) in paragraph (2), by repealing sub-
paragraphs (O), (Q), (S), (T), (V), (Y), and 
(Z); and 
(B) by amending paragraph (4) to read as 
follows: 
‘‘(4) ‘nonfinancial trade or business’ means any 
entity engaged in trade or business other than a fi-
nancial institution.’’; 
(3) by striking sections 5313, 5314, 5315, 
5316, 5317, 5318A, 5324, 5326, 5331, 5332, and 
5336; 
(4) in section 5318— 
(A) in subsection (a)— 
(i) in the matter preceding paragraph 
(1), by striking ‘‘(except under section 
5315 of this title and regulations pre-
scribed under section 5315)’’; 
(ii) by striking paragraph (2); and 
(iii) by redesignating paragraphs (3) 
through (7) as paragraphs (2) through (6), 
respectively; and 
(B) in subsection (k)— 
VerDate Sep 11 2014 
22:47 Mar 27, 2025
Jkt 059200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H2155.IH
H2155
ssavage on LAPJG3WLY3PROD with BILLS
(i) in paragraph (1)(C), by striking 
‘‘has the same meaning as in section 
5318A(e)(1)(B)’’ and inserting ‘‘means an 
account established to receive deposits 
from, make payments on behalf of a for-
eign financial institution, or handle other 
financial transactions related to such insti-
tution’’; and 
(ii) in paragraph (3)(A)(i)— 
(I) in subclause (II), by adding 
‘‘or’’ at the end; 
(II) in subclause (III), by strik-
ing ‘‘; or’’ and inserting a period; and 
(III) by striking subclause (IV); 
(5) in section 5321— 
(A) in subsection (a)— 
(i) in paragraph (1), by striking ‘‘(ex-
cept sections 5314, 5315, and 5336 of this 
title or a regulation prescribed under sec-
tions 5314, 5315, and 5336)’’; 
(ii) by striking paragraphs (2), (3), 
(4), and (5); 
(iii) in paragraph (6), by striking 
‘‘(except section 5336)’’ each place that 
term appears; 
VerDate Sep 11 2014 
22:47 Mar 27, 2025
Jkt 059200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6201
E:\BILLS\H2155.IH
H2155
ssavage on LAPJG3WLY3PROD with BILLS
(iv) in paragraph (7), by striking ‘‘or 
any special measures imposed under sec-
tion 5318A’’; and 
(v) by redesignating paragraphs (6) 
and (7) as paragraphs (2) and (3), respec-
tively; 
(B) by striking subsection (c); and 
(C) 
by 
redesignating 
subsections 
(d) 
through (g) as subsection (c) through (f), re-
spectively; 
(6) in section 5322— 
(A) by striking ‘‘(except section 5315, 
5324, or 5336 of this title or a regulation pre-
scribed under section 5315, 5324, or 5336)’’ 
each place that term appears; and 
(B) in subsection (d)— 
(i) by striking ‘‘, or any special meas-
ures imposed under section 5318A,’’; and 
(ii) by striking ‘‘or section 5318A’’; 
(7) in section 5325(a), in the matter preceding 
paragraph (1), by inserting after ‘‘$3,000’’ the fol-
lowing: ‘‘(as such amount is annually adjusted by 
the Secretary to reflect the percentage change in the 
Consumer Price Index for All Urban Consumers 
VerDate Sep 11 2014 
22:47 Mar 27, 2025
Jkt 059200
PO 00000
Frm 00006
Fmt 6652
Sfmt 6201
E:\BILLS\H2155.IH
H2155
ssavage on LAPJG3WLY3PROD with BILLS
published by the Bureau of Labor Statistics of the 
Department of Labor)’’; 
(8) in section 5330(d)(1)— 
(A) in subparagraph (A), by adding ‘‘and’’ 
at the end; 
(B) by striking subparagraph (B); and 
(C) by redesignating subparagraph (C) as 
subparagraph (B); 
(9) in section 5335— 
(A) by striking subsection (c); and 
(B) by redesignating subsections (d) and 
(e) as subsections (c) and (d), respectively; 
(10) by striking subchapter III; and 
(11) in the table of contents for chapter 53, by 
striking the items relating to— 
(A) sections 5313, 5314, 5315, 5316, 
5317, 5318A, 5324, 5326, 5331, 5332, and 
5336; and 
(B) subchapter III. 
TITLE II—AMENDMENTS TO THE 
RIGHT TO FINANCIAL PRI-
VACY ACT OF 1978 
SEC. 201. WARRANT REQUIREMENTS AND EXCEPTIONS. 
The Right to Financial Privacy Act of 1978 (12 
U.S.C. 3401 et seq.) is amended— 
VerDate Sep 11 2014 
22:47 Mar 27, 2025
Jkt 059200
PO 00000
Frm 00007
Fmt 6652
Sfmt 6201
E:\BILLS\H2155.IH
H2155
ssavage on LAPJG3WLY3PROD with BILLS
(1) in section 1108 (12 U.S.C. 3408)— 
(A) by striking paragraph (2); and 
(B) by redesignating paragraphs (3) and 
(4) as paragraphs (2) and (3), respectively; and 
(2) in section 1113 (12 U.S.C. 3413)— 
(A) by repealing subsections (a), (d), (e), 
(f), (g), (i), (l), (m), (n), (p), (q), and (r); and 
(B) by adding at the end the following: 
‘‘(s) ACCESS OF RECORDS.— 
‘‘(1) IN GENERAL.—Notwithstanding any other 
provision of this title, the Federal Government may 
not access the financial records or information of an 
individual in a manner that is prohibited by the 
Fourth Amendment to the Constitution of the 
United States with respect to the records or infor-
mation in question. 
‘‘(2) AID IN STATUTORY CONSTRUCTION.—It is 
the sense of Congress that, through the enactment 
of this title, Congress has established a statutory 
right that ensures that the expectation of privacy 
that the people of the United States have with re-
spect to financial records is protected.’’. 
VerDate Sep 11 2014 
22:47 Mar 27, 2025
Jkt 059200
PO 00000
Frm 00008
Fmt 6652
Sfmt 6201
E:\BILLS\H2155.IH
H2155
ssavage on LAPJG3WLY3PROD with BILLS
TITLE III—CONSOLIDATED 
AUDIT TRAIL 
SEC. 301. REQUIREMENTS AND PROHIBITIONS REGARDING 
THE CONSOLIDATED AUDIT TRAIL. 
(a) DEFINITIONS.—In this section: 
(1) COMMISSION.—The term ‘‘Commission’’ 
means the Securities and Exchange Commission. 
(2) CONSOLIDATED
AUDIT
TRAIL.—The term 
‘‘Consolidated Audit Trail’’ means the consolidated 
audit trail and central repository created, imple-
mented, and maintained pursuant to section 242.613 
of title 17, Code of Federal Regulations, as in effect 
on the day before the date of enactment of this Act. 
(3) 
PERSONALLY
IDENTIFIABLE
INFORMA-
TION.—The term ‘‘personally identifiable informa-
tion’’— 
(A) means information that can be used to 
distinguish or trace the identity of an indi-
vidual, either alone or when combined with 
other personal or identifying information that is 
linked or linkable to a specific individual, in-
cluding the name, address, date or year of 
birth, Social Security number, telephone num-
ber, email, or IP-address of an individual; and 
VerDate Sep 11 2014 
22:47 Mar 27, 2025
Jkt 059200
PO 00000
Frm 00009
Fmt 6652
Sfmt 6201
E:\BILLS\H2155.IH
H2155
ssavage on LAPJG3WLY3PROD with BILLS
(B) does not include a CAT–Order–ID or 
CAT–Reporter–ID, as those terms are defined 
in section 242.613(j) of title 17, Code of Fed-
eral Regulations (or any successor regulation). 
(4) SELF-REGULATORY
ORGANIZATION.—The 
term ‘‘self-regulatory organization’’ has the meaning 
given the term in section 3(a) of the Securities Ex-
change Act of 1934 (15 U.S.C. 78c(a)). 
(b) REQUIREMENT.—The Commission shall— 
(1) not later than 30 days after the date of en-
actment of this Act, and notwithstanding any other 
provision of law or regulation, terminate the Consoli-
dated Audit Trail; and 
(2) not later that 120 days after the date of en-
actment of this Act, amend any regulation, no action 
letter, interpretive letter, exemptive letter, legal bul-
letin, or other guidance of the Commission to con-
form to the requirements of this section. 
(c) PROHIBITIONS.—On and after the date that the 
Commission carries out the termination required under 
subsection (b)(1)— 
(1) neither the Commission nor any self-regu-
latory organization may administer the Consolidated 
Audit Trail; and 
VerDate Sep 11 2014 
22:47 Mar 27, 2025
Jkt 059200
PO 00000
Frm 00010
Fmt 6652
Sfmt 6201
E:\BILLS\H2155.IH
H2155
ssavage on LAPJG3WLY3PROD with BILLS
(2) no Federal agency may establish any con-
solidated audit trail, central repository, or other cen-
tralized database that collects personally identifiable 
information of citizens of the United States, unless 
a duly enacted law of the United States specifically 
provides the Federal agency with the authority to 
take that action. 
(d) REIMBURSEMENT OF FEES.—Not later than 1 
year after the date of enactment of this Act, Consolidated 
Audit Trail, LLC and FINRA CAT, LLC shall reimburse 
all fees collected by those entities before that date to carry 
out the Consolidated Audit Trail. 
TITLE IV—NO CENTRAL BANK 
DIGITAL CURRENCY 
SEC. 401. CENTRAL BANK DIGITAL CURRENCY. 
Section 13 of the Federal Reserve Act is amended 
by adding after the 14th undesignated paragraph (12 
U.S.C. 347d) the following: 
‘‘No Federal reserve bank, the Board, the Sec-
retary of the Treasury, any other agency, or any en-
tity directed to act on behalf of the Federal reserve 
bank, the Board, the Secretary, or other agency, 
may mint or issue a central bank digital currency di-
rectly to an individual (including a central bank dig-
ital currency issued to an individual through a custo-
VerDate Sep 11 2014 
22:47 Mar 27, 2025
Jkt 059200
PO 00000
Frm 00011
Fmt 6652
Sfmt 6201
E:\BILLS\H2155.IH
H2155
ssavage on LAPJG3WLY3PROD with BILLS
dial intermediary) or a digital currency inter-
mediary, offer related products or services directly to 
an individual, or maintain an account on behalf of 
an individual (including an account in a specially 
designated account at a digital currency inter-
mediary or supervised commercial bank). No Federal 
reserve bank may hold digital currencies minted or 
issued by the United States Government as assets or 
liabilities on a balance sheet of the bank or use such 
digital currencies as part of fulfilling the require-
ments under section 2A.’’. 
TITLE V—REGULATIONS FROM 
THE EXECUTIVE IN NEED OF 
SCRUTINY 
SEC. 501. PURPOSE. 
The purpose of this title is to increase accountability 
for and transparency in the Federal regulatory process. 
Section 1 of article I of the United States Constitution 
grants all legislative powers to Congress. Over time, Con-
gress has excessively delegated its constitutional charge 
while failing to conduct appropriate oversight and retain 
accountability for the content of the laws it passes. By 
requiring a vote in Congress, the REINS Act will result 
in more carefully drafted and detailed legislation, an im-
proved regulatory process, and a legislative branch that 
VerDate Sep 11 2014 
22:47 Mar 27, 2025
Jkt 059200
PO 00000
Frm 00012
Fmt 6652
Sfmt 6201
E:\BILLS\H2155.IH
H2155
ssavage on LAPJG3WLY3PROD with BILLS