U.S. Rep. Chuck Fleischmann issued the following statement after co-sponsoring the Protecting Financial Information Act, a bill introduced by Rep. Ashley Hinson (IA-01), to prohibit a rule in Congressional Democrats’ upcoming partisan $4 trillion reconciliation bill that would "dramatically increase surveillance on Americans’ bank accounts" by the Internal Revenue Service.
The proposed rule would mandate banks, credit unions, and other financial service providers to report transactions of $600 or greater. Currently, financial institutions are only required to disclose cash transactions of $10,000 or more to the Department of the Treasury.
"Forcing financial institutions to turn over records of all Americans’ transactions of $600 or more violates the financial privacy of every American and will only increase IRS harassment of working-Americans and businesses," said Rep. Fleischmann. "I am proud to co-sponsor this important bill to protect Americans’ financial privacy against big government surveillance.”
The full text of H.R. 5451 can be found here.