A group of 202 House Republican lawmakers, led by Rep. Tom Emmer (R-Minn.), wrote to Treasury Secretary Janet Yellen today urging the administration and Democratic lawmakers to abandon a controversial proposal that would require financial institutions to report information on gross inflows and outflows to the Internal Revenue Service for all accounts above a certain de minimis threshold. The lawmakers said they have heard from “hundreds of thousands” of constituents expressing “grave and sincere concerns” about the proposal.
“Your proposal, if enacted and regardless of the compliance threshold, will likely sow further distrust in our financial system due to the ongoing and valid concerns about the IRS’ ability to protect the privacy and financial data of the American people and potentially enlarge the unbanked population,” the lawmakers wrote, adding that “the last thing our financial institutions need is another layer of administrative reporting requirements to take away from their daily efforts to provide the capital that is the lifeblood of Main Street America.”
The American Bankers Association continues to urge bankers and their customers to urgently redouble their advocacy efforts to oppose this proposal. Resources are available at SecureAmericanOpportunity.com for bankers and their customers to help them craft their messages to lawmakers.