Biden Administration Plans to Infringe on Americans' Privacy

Floor Speech

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Mr. TIFFANY. Mr. Speaker, I rise today in opposition to the Biden administration's latest plan to infringe on the privacy of millions of Americans.

Amid raging inflation and a multitrillion-dollar spending spree, President Biden and the Democrats now want to spy on American citizens' financial transactions.

This proposal would require financial institutions to report information about the outflows and inflows on all accounts with over $600 to the IRS every year.

Not only would such a massive data collection cause large compliance costs for our local banks, credit unions, and financial institutions in Wisconsin and across the country, it would further deepen mistrust in our financial institutions and community banks.

The IRS experiences 1.4 billion cyberattacks annually and has experienced multiple data breaches. This leaves Americans' most private of information vulnerable to attack and fraud.

Privacy is one of the main reasons individuals do not open bank accounts. Having the government monitor and collect data on personal financial account transactions will further this distrust with financial institutions.

Law-abiding Americans deserve the right to privacy over their personal financial data. Allowing the government to sift through our financial records is a violation of our basic right to privacy.

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