OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Setting Forth the Congressional Budget for the United States Government for Fiscal Year 2022 and Setting Forth the Appropriate Budgetary Levels for Fiscal Years 2023 Through 2031

Floor Speech

Date: Aug. 10, 2021
Location: Washington, DC

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Mr. CRAPO. Mr. President, I call up my amendment No. 3099 and ask that it be reported by number.

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Mr. CRAPO. Mr. President, the IRS financial institution reporting requirement forces financial institutions to turn over detailed bank account information to the IRS based on vague and flexible criteria, such as a $600-threshold, and account inflows and outflows would be covered--this all to be determined by the IRS.

Think about that. It subjects every law-abiding American who has a bank account or a credit union account in which they transact more than $600 worth of transactions to have that information monitored and reported to the IRS.

This is an outrageous violation of the privacy of American citizens, and we should reject it.

The community banks and credit unions support this amendment, and I thank the ICBA, CUNA, the ABA, and the NAFCU for their support, as well as the Americans for Tax Reform and the Center for a Free Economy.

My amendment prevents the undue monitoring and reporting of sensitive financial information on law-abiding Americans.

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Mr. CRAPO. Mr. President, this is one of the biggest violations of the privacy of American citizens to come to the floor of the Senate in a long time.

This amendment would require reporting of--and I quote--``large'' financial account balances to the IRS. So now, instead of $600, they are going to say that whatever the IRS says is large is what they will require every single American, whether they are an individual, a small business, or a corporation owner. Everyone is going to be subject to reporting on whatever the IRS says is ``large.''

And this comes after another proposal that is coming down the pike to double or triple the funding to the IRS, so they can monitor the financial transactions of American citizens.

This amendment should be rejected. Vote on Amendment No. 3365

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