Congressman Mike Garcia, R-Santa Clarita, co-sponsored the Prohibiting IRS Financial Surveillance Act H.R. 5586 Friday, which is set to protect Americans’ private financial information, officials said.
If passed, the legislation is expected to protect Americans’ financial information by prohibiting the Internal Revenue Service (IRS) from implementing any new reporting requirements for banks or other financial institutions, according to Garcia’s office.
The bill comes as a result of the Democrats’ ‘Reconciliation’ Package that includes a provision allowing the IRS to monitor all bank transactions over $600, according to Garcia.
“The Biden administration’s proposal to have the IRS monitor all bank transactions over $600 is a threat to Americans’ privacy,” Garcia said. “This action would allow the IRS to snoop on our small businesses, families and hardworking taxpayers. I am proud to cosponsor the Prohibiting IRS Financial Surveillance Act to prevent this overreaching surveillance program and protect Americans’ privacy.”
The Prohibiting IRS Financial Surveillance Act would prohibit the Secretary of the Department of Treasury from enacting new rules that would require financial institutions to report the inflow and outflows of citizens’ accounts while keeping existing legislation in place, according to officials.
In addition to co-sponsoring the Prohibiting IRS Financial Surveillance Act, Garcia sent a letter to the U.S. Department of Treasury Secretary Yellen urging the department to drop this proposal that would allow the IRS to expand the amount of financial data collected on virtually every American, according to Garcia.
Garcia is a member of the House Committee on Appropriations, which is responsible for appropriating federal funding.
Click here to read the text of the bill.
Click here to read the text of the letter.
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