Ad encourages Alabama senate candidate to fight expanded IRS reporting proposal

The American Bankers Association and the Alabama Bankers Association today released a television ad encouraging Alabama Republican senate candidate Katie Britt to continue her efforts to thwart a recent Treasury Department plan requiring the Internal Revenue Service collect financial information from consumer and business bank accounts.

The proposal would mandate that financial institutions report information on gross inflows and outflows of all customer accounts above a de minimis level of $10,000 to the IRS. Britt recently authored an op-ed piece denouncing the plan.

“We appreciate Katie Britt’s efforts to protect Americans’ privacy from government overreach,” said ABA President and CEO Rob Nichols. Alabama Bankers Association President and CEO Scott Latham lauded Britt’s support for “reducing regulations and protecting the private financial information of bank customers.” The ad will air immediately.