This week, Congressman John Moolenaar signed on as co-sponsor of two bills to stop the Biden Administration's plan to have the IRS collect more information on Americans' bank and credit union accounts. Democrats recently announced a revised plan that would require financial institutions to file an annual report on a bank account's transactions if there is more than $10,000 in inflows or outflows to or from an account.
“I am fighting to stop the Biden Administration from using the IRS to collect more information on Americans," said Congressman Moolenaar. "The legislation I am supporting this week will stop the IRS from expanding its data collection and help protect families and small businesses from federal overreach."
The two bills cosponsored by Moolenaar this week are the Prohibiting IRS Financial Surveillance Act and the Protecting Financial Privacy Act.
The Prohibiting IRS Financial Surveillance Act was introduced by Congressman Drew Ferguson (R-GA). This bill prohibits the Treasury Department from implementing new reporting requirements on financial institutions, unless those requirements were already law before October 1, 2021.
The Protecting Financial Privacy Act was introduced by Congresswoman Ashley Hinson (R-IA). This bill prohibits additional federal agencies from creating new requirements that collect information from financial institutions, including data on transactions and transfers.
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