Feenstra Helps Introduce Legislation to Stop IRS Surveillance, Protect Iowans’ Private Financial Data
WASHINGTON, D.C. – Today, U.S. Rep. Randy Feenstra (R-Hull) helped introduce legislation led by U.S. Rep. Drew Ferguson (R-GA) to ban the Internal Revenue Service (IRS) from implementing any new reporting requirements for banks or other financial institutions pertaining to private customer financial data. Feenstra is an original cosponsor of this legislation in the U.S. House of Representatives.
U.S. Senator Tim Scott (R-SC) introduced companion legislation in the U.S. Senate.
“Iowans’ private financial data should never be jeopardized or collected by the IRS,” said Rep. Feenstra. “The Biden Administration’s plan to track every transaction over $600 between any bank account or payment app is wrong and must be stopped. I’m proud to work with my colleagues on the Ways and Means Committee to end this federal surveillance and protect American taxpayers.”
“For the past two years, the Biden Administration and Congressional Democrats have worked to inflate the unchecked power of the IRS by implementing a broad financial surveillance regime – putting the financial information of millions of Americans at risk,” said Rep. Drew Ferguson. “This surveillance is an invasion of privacy and it's in every American’s best interest that we protect their private financial information. By hiring 87,000 new agents to harass and audit thousands of hardworking families, farmers, and small businesses without probable cause, the Democrat’s intent to weaponize the IRS is crystal clear, and this important legislation stops this radical, big-government overreach.”
As part of its radical “Build Back Better” agenda, the Biden Administration proposed implementing a surveillance regime requiring banks and other financial institutions to provide details to the IRS on their customers and data for accounts with deposits or withdrawals over $600.
As of January 1, 2022, any financial transaction over $600 on mobile payment apps – such as Venmo, PayPal, and Cash App – must be reported to the IRS.
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