The "Saving Privacy Act" is structured into several titles, each focusing on different areas such as reforms to the Bank Secrecy Act, adjustments to the Right to Financial Privacy Act, and regulations surrounding government financial procedures. It includes measures on bank privacy, financial data trail requirements, and explicitly excludes the creation of a central bank digital currency, while also addressing government agency rulemaking oversight and penalties for suspicious activities.

The section outlines reforms to the Bank Secrecy Act, amending various sections of existing financial privacy and reporting laws. It modifies or removes certain requirements and definitions, aiming to update the rules governing how the government can access financial records and how financial transactions are recorded and reported by institutions.

Government authorities cannot access or obtain a customer's financial records from a financial institution unless the records are specifically described and disclosed in response to a proper search warrant, except where otherwise allowed by certain sections of the law.

Financial institutions are required to keep records of transactions that can be traced back to the financial records of their specific customers.

The section amends the Right to Financial Privacy Act of 1978 by removing certain sections and clarifying that the Federal Government cannot access an individual's financial records in ways that would violate the Fourth Amendment.

The section requires the Securities and Exchange Commission (SEC) to terminate the Consolidated Audit Trail (CAT) within 30 days, amend related regulations within 120 days, and prohibits any federal agency from creating a similar database without Congress's approval. Additionally, it mandates that fees collected for the CAT be reimbursed within a year.

The amendment to Section 13 of the Federal Reserve Act prohibits federal reserve banks, the Board, the Treasury, and other agencies from directly issuing central bank digital currency to individuals, providing related services, or maintaining accounts for individuals. Moreover, it prevents federal reserve banks from holding or using U.S. Government-issued digital currencies as part of their financial assets or liabilities.

The purpose of this section is to improve how the federal government makes and oversees regulations by ensuring Congress remains responsible for the laws they pass. This will be achieved by requiring Congress to vote on important regulations, which aims to make legislation more detailed and accountability stronger.

The text outlines procedures for Congressional oversight of certain federal agency rules, defining terms like "major rule" and explaining how Congress can approve or disapprove these rules. It also specifies the roles of the Senate, the House of Representatives, and agencies, and details exemptions and judicial review related to these procedures.

Before a federal rule can take effect, the agency must provide detailed information to Congress, including analyses and reports, and have the rule reviewed and approved. Major rules need Congress's approval through a joint resolution, while the President can make certain rules temporarily effective in emergencies, and additional reviews may happen if a rule is reported just before Congress adjourns.

The section outlines the process for Congress to approve major rules through joint resolutions. It describes how these resolutions should be introduced, debated, and voted on within specified time frames in both the House of Representatives and the Senate, ensuring expedited consideration without amendments.

Congress has outlined a procedure in Section 803 for disapproving nonmajor rules using joint resolutions. These resolutions must be introduced within a specific timeframe, go through committees, and follow special rules in the Senate for debate and voting, including limits on amendments and debate time.

For purposes of this chapter, the terms are defined as follows: "Federal agency" includes several major government bodies like the Federal Reserve and the Department of the Treasury; "major rule" is any rule that significantly impacts the economy or has major effects on various sectors or competition; "nonmajor rule" is any rule that isn't major; "rule" is broadly defined but excludes certain specific applications, internal agency subjects, or organizational practices; and "submission or publication date" relates to when Congress receives reports on these rules.

The section explains that generally, decisions or actions under this chapter cannot be reviewed by a court. However, if a Federal agency has not met the required steps for a rule to be enacted, a court can review it. Additionally, approving a joint resolution doesn't change Congress's authority over rules or affect any legal claims about the rule.

The section states that the rules in this chapter do not apply to the monetary policy actions proposed or carried out by the Federal Reserve Board or the Federal Open Market Committee.

In this section, it is specified that certain regulatory rules about activities like hunting, fishing, or camping, and other non-major rules that agencies decide are urgent or impractical for public notice, can go into effect at a time determined by the agency responsible for the rule.

The section requires each agency to review at least 20% of its existing rules annually for five years after the law's enactment. If Congress does not approve these rules within 90 days of review, they will stop being valid; any rules not approved within five years will also expire and cease to be in effect.

In this section, the law is updated to state that any rule needing congressional approval, as described in section 802 of title 5 of the U.S. Code, will be considered effective unless Congress decides not to approve it. This rule affects the government's budget, including spending and revenue.

The Government Accountability Office (GAO) is tasked with conducting a study to find out how many rules and major rules are active and determine their total economic impact, as of the enactment date of this Act. The GAO must report the findings to Congress and make them available online within one year.

The section introduces criminal penalties under the Right to Financial Privacy Act for any U.S. agency, department, or financial institution that knowingly obtains or discloses financial records in violation of the law, with fines up to $5,000, imprisonment for up to 5 years, or both. However, if a financial institution or its employees disclose financial records in good faith based on a government certificate or specific legal provisions, they are not subject to these penalties.

In this section, it states that any U.S. agency, department, or financial institution that knowingly obtains or discloses financial records unlawfully can be fined up to $5,000, face a prison sentence of up to 5 years, or both, and officers or employees involved will be dismissed upon conviction. However, financial institutions or their employees acting in good faith on official instructions or specific provisions will not be prosecuted.

The amendment to Section 1117(a) of the Right to Financial Privacy Act of 1978 updates the penalties, establishing a minimum fine of $1,000 for each violation per day, as well as covering reasonable attorney fees and litigation costs, and including compensatory damages.

The proposed amendment to the Right to Financial Privacy Act of 1978 introduces a section that allows individuals to use a writ of mandamus and other appropriate legal actions, such as equitable or declaratory relief, to ensure compliance with the procedures outlined in the Act.

In addition to other remedies provided in this title, this section states that a writ of mandamus and other appropriate relief, like equitable or declaratory relief, can be used to ensure compliance with the title's procedures.