Blocking New IRS Requirements for Reporting Bank Account Transactions.
This bill aims to protect citizens' financial privacy by preventing the Internal Revenue Service (IRS) from implementing new, broad requirements for banks to report detailed data on account deposits, withdrawals, and balances. It ensures that the government cannot mandate financial institutions to hand over information about account flows that was not already required under existing law. This means your daily banking transactions are shielded from new, mass financial surveillance programs.
Key points
Financial Privacy Protection: Prohibits the IRS from imposing new mandates on banks for mass reporting of citizens' account inflows, outflows, and balances.
No New Surveillance Requirements: Financial institutions are not required to provide the government with detailed account flow data beyond what is already mandated by current law (e.g., suspicious activity reports).
Expired
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