Washington, D.C. – Congresswoman Liz Cheney (R-WY) issued the following statement after co-sponsoring the “Prohibiting IRS Financial Surveillance Act.” The bill would prohibit the the IRS from implementing any form of the Biden Administration’s aggressive bank surveillance regime.
Additionally, the legislation prevents any new reporting requirements on banks to disclose information on individuals’ private bank account deposits or withdrawal activity. The bill does not restrict any existing provision of current law, such as the Bank Secrecy Act or existing subpoena authority.
“The Democrats’ plan to allow the IRS to track transactions over $600 goes too far. The IRS should not have the ability to stalk the financial activity of everyday citizens in Wyoming and giving them this authority would represent a dangerous step forward. I am proud to be a co-sponsor of legislation that will protect individuals’ freedoms and will push back against attempts to use the IRS to invade people’s privacy.”
The full text of the legislation can be read here.
BACKGROUND
The Biden Administration is pushing a proposal for comprehensive financial account reporting, including the collection of private bank information. Congressional Democrats have indicated they intend to jam this proposal into their massive reconciliation bill. To raise enough revenue for the cost of the President’s agenda and close “the tax gap,” the Administration proposes implementing a surveillance regime requiring banks and other financial institutions to provide the Internal Revenue Service (IRS) details on their customers and data for accounts with deposits or withdrawals worth more than $600. The Administration’s proposal has rightly been criticized for its near-universal scope, its significant risk to individual privacy, and its dangerous empowerment of the IRS.
Original source can be found here.
