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Prohibiting New IRS Bank Account Reporting Requirements

This bill aims to prevent the Internal Revenue Service (IRS) from implementing new requirements for banks to report deposits and withdrawals from bank accounts. This means banks will not have to provide the IRS with detailed data on money flows in citizens' accounts, beyond what was already required before January 1, 2023. As a result, citizens can feel more secure that their financial privacy is protected from excessive government surveillance.
Key points
The IRS cannot introduce new rules requiring banks to report bank account deposits and withdrawals.
Banks will only report data legally required before January 1, 2023, protecting citizens' financial privacy.
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Expired
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Additional Information
Print number: 118_HR_1010
Sponsor: Rep. Ferguson, A. Drew, IV [R-GA-3]
Process start date: 2023-02-14
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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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 118_HR_1010.

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 2023-02-14.

What are the main provisions?

Key points include:

  • The IRS cannot introduce new rules requiring banks to report bank account deposits and withdrawals.
  • Banks will only report data legally required before January 1, 2023, protecting citizens' financial privacy.
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 2025-12-24.

CATEGORIES

Taxes Economy