Saving Privacy Act

The Saving Privacy Act strengthens financial privacy protections by requiring government agencies to obtain search warrants before accessing financial records, amending the Right to Financial Privacy Act of 1978. It mandates termination of the Consolidated Audit Trail within 30 days and prohibits federal agencies from creating centralized databases of personally identifiable financial information without specific congressional authorization. The bill also prohibits Federal Reserve banks and other agencies from issuing central bank digital currency directly to individuals and establishes a congressional review process for "major" regulations with significant economic impacts. These provisions directly affect financial institutions, government agencies handling financial data, and individuals whose financial information is collected and stored by financial institutions.