WASHINGTON, D.C. – U.S. Representative Peter Meijer (R-MI) today joined 201 of his colleagues in sending a letter to Treasury Secretary Janet Yellen reasserting concerns with the Biden Administration’s proposal to expand the data collected on Americans’ bank accounts.
Excerpt from the letter:
“On September 13, 142 members of Congress wrote to you expressing concern with the Administration’s proposal to significantly expand the amount of financial data collected on virtually every American. Since then, hundreds of thousands of our constituents have reached out to our offices – in addition to every state bank and credit union association, and many state financial officers – voicing their opposition to this initiative. Your Department’s response to these concerns was not only insincere, but it also demonstrated just how out-of-touch the proponents of this effort are with the grave and sincere concerns that millions of Americans have with this idea.
“The Treasury Department’s initial plan sought to require financial institutions and other financial services providers to report a range of new data points on accounts with annual gross inflows and outflows totaling more than $600 to the Internal Revenue Service (IRS). After receiving pushback from Americans in every state, there have been reports that the Administration and the majorities in Congress are considering increasing the threshold from $600 to $10,000 (or an even higher amount). The impact that these new reporting requirements will have on tens if not hundreds of millions of unsuspecting Americans cannot be emphasized enough. Arbitrarily increasing the threshold to $10,000, as most recently proposed, will still apply to individuals at every rung of the income ladder.
“… In light of our continuing concerns, and your inability to adequately address them, we ask you to abandon this proposal and encourage congressional Democrats to do the same. We must protect Americans and our financial system, not make them the victim of government overreach in the name of raising revenue.”
Original source can be found here.
