HARRISBURG, Pa. (WTAJ) — Pennsylvania Treasurer Stacy Garrity along with 23 state treasurers, auditors, and financial officers called upon President Joe Biden and U.S. Treasury Secretary Janet Yellen Wednesday to dismiss proposals that would require private banks and credit unions to report to the Internal Revenue Service (IRS) account flows valued at more than $600.
Garrity says the plan is part of the Biden Administration’s $3.5 trillion American Families Plan’s revenue proposal and would allow the IRS to monitor the private banking activity of more than 100 million Americans.
“This unprecedented grab of personal banking information from both business and personal accounts is a threat to Americans’ financial security and to the community banking industry so many rely on,” said Garrity. “Not only would this create massive privacy concerns, it would bring enormous administrative burdens to the banks and credit unions who will be forced to comply with such unnecessary mandates.”
The Pennsylvania Bankers Association, the Pennsylvania Association of Community Bankers, and the CrossState Credit Union Association all reportedly oppose the proposal.
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