On the recordAugust 10, 2021
the IRS financial institution reporting requirement forces financial institutions to turn over detailed bank account information to the IRS based on vague and flexible criteria, such as a $600-threshold, and account inflows and outflows would be covered--this all to be determined by the IRS. Think about that. It subjects every law-abiding American who has a bank account or a credit union account in which they transact more than $600 worth of transactions to have that information monitored and reported to the IRS. This is an outrageous violation of the privacy of American citizens, and we should reject it. The community banks and credit unions support this amendment, and I thank the ICBA, CUNA, the ABA, and the NAFCU for their support, as well as the Americans for Tax Reform and the Center for a Free Economy. My amendment prevents the undue monitoring and reporting of sensitive financial information on law-abiding Americans. The PRESIDING OFFICER. The Senator from Oregon.
