A bill that would prohibit any federal agency from requiring financial institutions to report on the transactions of their customers is being cosponsored by Mississippi Congressman Michael Guest. He calls the White House plan to allow the IRS to collect data on transactions over $600-dollars an invasion of privacy.
“The White House plan to review American bank accounts is an invasion of privacy, increases the risk of data breaches, & creates an immense reporting burden on financial institutions. There is no reason that justifies a government surveillance program that allows the IRS to monitor and track the bank transactions of Americans. The passage of this bill would secure the privacy of U.S. citizens from this potential government overreach,” Guest said.
Opponents are concerned about security breaches, as the IRS is a primary target of cyber-attack. Others question the right of the government to collect such data, regardless of its use or security.
Congressman Michael Guest (MS-03) has cosponsored Congresswoman Ashley Hinson’s (IA-01) bill H.R. 5451 – The Protecting Financial Privacy Act.