Browsing: Congress


Treasury Secretary Janet Yellen this week called on House Ways and Means Committee Chairman Richard Neal (D-Mass.) to include in the reconciliation package the Biden administration’s controversial provision that would require financial institutions to report information to the IRS on gross inflows and outflows on customer accounts above a de minimis level of $600—a provision strongly opposed by the American Bankers Association.


Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) and House Ways and Means Committee Ranking Member Kevin Brady (R-Texas) today introduced the Tax Gap Reform and Internal Revenue Service Enforcement Act, a bill that would, among other things, block the IRS from establishing new bank reporting requirements.


A group of 141 Republican lawmakers led by Rep. Tom Emmer (R-Minn.) today wrote to congressional leaders, Treasury Secretary Janet Yellen and Internal Revenue Service Commissioner Charles Rettig to express concern over a controversial proposal to expand mandatory IRS reporting on bank account transactions.


The American Bankers Association joined the Securities Industry and Financial Markets Association, the Bank Policy Institute, the Financial Services Forum and the Investment Company Institute in a letter to congressional leaders supporting action to raise the federal debt ceiling “without delay.”


In a letter to House Financial Services Committee leaders today, the American Bankers Association expressed opposition to a bill that it called a “backdoor effort by the credit union industry to expand its membership rolls at the expense of tax-paying banks.”

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