Legislation6 days ago
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To authorize implementation grants to community-based nonprofits to operate one-stop reentry centers.
HR8548Rep. Kamlager-Dove, Sydney [D-CA-37] (D-CA)
introduced
HR2155119th CongressWALLET
Saving Privacy Act
Sponsored By: Representative Rep. Ogles, Andrew [R-TN-5]
Introduced
Summary
Limits government access to individual financial records by requiring warrants and creating a statutory right to financial privacy. It would also bar a retail central bank digital currency and create a new congressional approval regime for major agency rules.
Show full summary
- Individuals and families would get stronger privacy protections and a statutory right tied to Fourth Amendment standards. The bill would also bar federal agencies from restricting a person’s use of convertible virtual currency or self‑hosted wallets.
- Banks, payment platforms, and market operators would face a halt to the Consolidated Audit Trail and must have related CAT fees reimbursed within one year. The bill would also reinstate Form 6050W reporting at a $20,000 aggregate threshold and more than 200 transactions.
- Federal agencies would have to publish full analytic packages and deliver cost‑benefit and job‑impact analyses to Congress and the Comptroller General. Major rules could not take effect without a congressional approval process and would be subject to expedited review procedures.
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Bill Overview
Analyzed Economic Effects
5 provisions identified: 2 benefits, 0 costs, 3 mixed.
Stronger privacy rules for bank records
This bill would block most government access to your bank records without a search warrant that meets the bill’s rules. It would set a clear right to financial privacy and let you seek at least $1,000 per violation per day, plus attorney fees and damages. People who knowingly break these rules could face up to a $5,000 fine and up to 5 years in prison. At the same time, banks would have to keep transaction records that can be tied to customers, which could mean more data held about you.
Broader checks on big agency rules
The bill would define a “major rule” as one with $100 million or more in yearly effects or other big impacts. Many agency guidance and policy documents would count as rules for review, and it lists covered agencies like the Fed, SEC, CFTC, FDIC, CFPB, Treasury (including OCC and FinCEN), and NCUA. It would also treat budget‑affecting rules as effective while Congress reviews them, unless Congress does not approve them.
Big rollback of bank reporting rules
The bill would repeal many Bank Secrecy Act sections in title 31 that set reporting, special measures, and related enforcement tools, and remove an entire subchapter. It would change enforcement provisions and tighten how certain foreign‑related accounts are defined. It would also narrow who counts as a covered business under these rules. Separately, it would raise the $3,000 cash‑instrument threshold each year for inflation.
Protect your right to use crypto
Agency heads would not be allowed to stop you from using convertible virtual currency to buy goods or services for yourself. You could also use a self‑hosted wallet that you control. The bill defines what counts as convertible virtual currency, a covered user, and a self‑hosted wallet.
Higher 1099-K thresholds for sellers
Third‑party platforms would send a 1099‑K only if you have over $20,000 in payments and more than 200 transactions in a year. This change would apply to returns for calendar years starting after December 31, 2021. Many small sellers with lower totals would not get a 1099‑K from platforms.
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Sponsors & CoSponsors
Sponsor
Rep. Ogles, Andrew [R-TN-5]
TN • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
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