AR HR1052

Expresses opposition to a federal proposal requiring financial institutions to report transaction-level data and account inflows/outflows over $600 to the Internal Revenue Service annually.

Argues the reporting requirement would impose significant compliance costs on banks and infringe on the privacy rights of millions of Americans.

Contends the proposal could discourage unbanked and underbanked individuals from using financial institutions, potentially driving them toward nonbank lenders with higher fees.

States the Internal Revenue Service should not use the budget reconciliation process to monitor Americans' financial dealings without cause.

Directs the Arkansas House Chief Clerk to send copies of the resolution to Speaker of the House Nancy Pelosi, Treasury Secretary Janet Yellen, IRS Commissioner Charles P. Rettig, and House Rules Committee Chairman Jim McGovern.