Congressman Steve Womack (AR-3), Ranking Member of the House Appropriations Subcommittee on Financial Services and General Government (FSGG), today continued his efforts to stop the Biden Administration’s attempt to institute unwarranted Internal Revenue Service (IRS) surveillance on Americans’ bank accounts and financial transactions by cosponsoring the Protecting Financial Privacy Act. The legislation would block a Democrat-proposed mandate that would allow the IRS to monitor annual inflows and outflows of $600 or more.
Congressman Womack said, “Having the federal government’s hands permanently in your wallet is not enough for President Biden’s tax and spend agenda. He now wants eyes on your bank account and ATM transactions. The IRS doesn’t need to know when you pay your rent or go to the grocery store. It’s a radical overreach and unprecedented invasion of privacy. This bill will proactively stop this terrible mandate—and I am proud to cosponsor it and safeguard the rights of Arkansans.”
In addition to serious privacy concerns, the proposed reporting requirements would also impose significant compliance costs on our banks, credit unions, and related financial institutions and inundate the IRS with layers of new paperwork and taxpayer data that is irrelevant to improving federal tax compliance.
Supporting the Protecting Financial Privacy Act is Womack’s latest step to block this proposal. He has continually spoken out against the Democrats’ reconciliation package, which includes this data collection measure, and also recently helped lead a letter outlining his concerns.
Congressman Steve Womack (AR-3) has represented Arkansas’s Third Congressional District since 2011. He is a member of the House Appropriations Committee.
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