For Immediate Release: September 15, 2021
Contact: Ryan Hite, Communications Director
Members of Congress, Banks, Associations Fight Back
Washington, D.C.: “By now the world knows just how much contempt Joe Biden has for the privacy of Americans,” said Ed Martin, president of Phyllis Schlafly Eagles. “On the heels of Biden’s vaccine mandate for every company with more than 99 employees, his Treasury Department has announced that the IRS wants to cozy up to your daily spending.”
A newly announced proposal would task the IRS with monitoring every personal and business financial account with incoming or outgoing transactions totaling $600 or more within a year.
“This rule would apply to virtually every American and to much more than just traditional bank accounts,” Martin continued. “PayPal, Venmo, cryptocurrency exchanges and apps — all of these accounts with a minimum of $600 in or out a year would be put under the IRS microscope. I’m not sure you could craft a more blatant violation of the Fourth Amendment!”
Martin concluded, “Banks, financial institutions, and Members of Congress are standing up to fight back, but this onslaught against privacy should be met by every single voice.”
Dozens of House Members joined Congressman Steve Womack (AR-3) and Congressman Tom Emmer (MN-6) in sending a letter to Speaker Pelosi, Ways and Means Chair Neal, Department of Treasury Secretary Yellen, and Internal Revenue Service (IRS) Commissioner Rettig. Several major banks and financial associations are also sounding the alarm against this proposed rule.