October 23, 2021
Congressman Sam Graves (MO-06) joined 90 of his Republican colleagues to introduce the Prohibiting IRS Financial Surveillance Act which would ban the Internal Revenue Service (IRS) from implementing any new individual account reporting requirements for banks and other financial institutions. Missourians have raised concerns that the reporting requirements proposed under President Biden’s “Build Back Better Plan” would violate their privacy and questioned the ability of the IRS to protect private banking information given the agency’s poor track record.
“This IRS surveillance scheme would scoop up virtually every American’s private banking information,” said Graves. “That isn’t by mistake, it’s by design. This isn’t about catching wealthy tax cheats, it’s about collecting massive troves of financial information on every American family. It’s wrong and I’m going to do everything I can to stop it.”
The Biden Administration has proposed requiring banks and other financial institutions to provide the IRS details on their customers and data for accounts with annual deposits or withdrawals worth more than $600.