HR 16 Summary

• Opposes the Biden Administration's American Families Plan provision requiring financial institutions to report to the IRS all bank account data for accounts with total deposits and withdrawals of at least $600.

• Asserts the proposed reporting requirement constitutes a violation of constitutional privacy rights and lacks clearly articulated justification for such a sweeping mandate.

• Criticizes the Treasury Department and IRS for failing to provide satisfactory assurances regarding how reported data would be stored, protected, and used.

• Declares the right to privacy a cornerstone of American democracy and states that erosion of privacy guarantees threatens other fundamental rights and freedoms.

• Directs copies of the resolution be delivered to President Joe Biden, IRS Commissioner Charles Rettig, Treasury Secretary Janet Yellen, and members of the Alabama Congressional Delegation.