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Prohibiting New Bank Account Deposit and Withdrawal Reporting Requirements

This act aims to protect citizens' financial privacy by prohibiting the IRS from imposing new requirements for reporting detailed bank account deposits and withdrawals. This means banks will not have to provide the government with information on every transaction, preventing excessive financial surveillance.
Key points
No new obligations for banks to report detailed deposit and withdrawal data from accounts.
Protection of citizens' financial privacy by limiting government access to transaction data.
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Status:
Expired
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Additional Information
Print number: 117_HR_5586
Sponsor: Rep. Ferguson, A. Drew, IV [R-GA-3]
Process start date: 2021-10-15
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Prohibiting IRS Financial Surveillance Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_5586.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-10-15.

What are the main provisions?

Key points include:

  • No new obligations for banks to report detailed deposit and withdrawal data from accounts.
  • Protection of citizens' financial privacy by limiting government access to transaction data.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Ferguson, A. Drew, IV [R-GA-3].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

What is the impact of this bill?

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Taxes Economy