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AR SR33
Resolution
Status
Passed
10/5/2021
Primary Sponsor
Blake Johnson
Click for details
AI Summary
- Senate declares support for consumer privacy and opposition to a proposed IRS reporting requirement for financial institutions involving account data over $600
- Proposed reporting would require banks to submit transaction-level data and information about account inflows and outflows annually to the IRS
- Senate expresses concern that proposal imposes significant compliance costs on banks, infringes on privacy of millions of Americans, and allows IRS to monitor all consumer and business accounts without cause
- Senate warns that increased reporting requirements create barriers for unbanked and underbanked populations who cite privacy concerns as reasons for avoiding bank accounts
- Senate directs Secretary of the Senate to send resolution copies to House Speaker Nancy Pelosi, Treasury Secretary Janet Yellen, IRS Commissioner Charles P. Rettig, and House Rules Committee Chairman Jim McGovern
Legislative Description
To Support Consumer Privacy.
Last Action
Sine Die adjournment
10/15/2021
Committee Referrals
Insurance & Commerce10/1/2021
Full Bill Text
No bill text available