Washington, D.C. – Congresswoman Elise Stefanik cosponsored the Prohibiting IRS Financial Surveillance Act to ban the Internal Revenue Service (IRS) from implementing any new reporting requirements for banks or other financial institutions as part of the Biden Administration's aggressive bank surveillance proposal.
Stefanik joined this push as strong concerns have been raised about individual’s privacy, the IRS's ability to safeguard private bank account information, and undue burdens on families and small businesses.
“The government has no right to invade the privacy of Americans’ personal bank accounts,” Stefanik said. “We cannot allow the IRS’s power to go unchecked at the expense of American citizens. As Democrats attempt to inflate the power of the IRS for political gain, I will stand against violating the financial privacy of families and small businesses.”
The Biden Administration has proposed implementing requirements for banks and other financial institutions to provide the IRS details on their customers and data for accounts with deposits or withdrawals worth more than $600.
Read the full bill, introduced by Congressman Drew Ferguson (R-Ga.) here.