Saving Privacy Act

The Saving Privacy Act (S 809) strengthens financial privacy by requiring warrants for government access to customer financial data and amending the Right to Financial Privacy Act to limit government surveillance. It terminates the Consolidated Audit Trail, a centralized database of financial transactions, and prohibits federal agencies from developing a central bank digital currency. The bill also establishes a congressional review process for agency regulations to increase transparency and protects consumers' ability to use convertible virtual currency (like Bitcoin) for personal purchases without federal restrictions. These provisions collectively aim to enhance individual privacy rights in financial transactions and limit government overreach in financial data collection.