# Summary of S. 5242 — Saving Privacy Act
This bill significantly restricts government access to citizens' financial records and makes sweeping changes to financial privacy laws. The legislation requires federal agencies to obtain a search warrant meeting Fourth Amendment standards before accessing financial records, eliminating several existing exceptions that previously allowed agencies to access banking information through administrative subpoenas, court orders, or other non-warrant procedures. The bill also eliminates many reporting requirements that financial institutions currently must follow under the Bank Secrecy Act, narrows the definition of entities subject to anti-money laundering regulations, and increases criminal penalties for unauthorized access to financial records from 1 year to 5 years in prison while establishing new civil penalties of at least $1,000 per violation per day. Additionally, S. 5242 mandates that the Securities and Exchange Commission shut down the Consolidated Audit Trail—a centralized database of stock market transactions—within 30 days and prohibits the government from establishing similar centralized databases collecting personally identifiable information. The bill also bars the Federal Reserve from issuing or maintaining a central bank digital currency directly to individuals or maintaining accounts on their behalf. Finally, it creates a congressional review process requiring legislative approval for major regulatory rules before they take effect, with approval needed within 70 days or the rule automatically fails, and requires agencies to submit 20 percent of existing rules annually for congressional review with a five-year sunset if not reapproved.
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