MI HR0174

Urges United States Congress to oppose Treasury Department proposal requiring financial institutions to report account information for accounts with $600 or more gross flow threshold or fair market value.

Proposed reporting would require disclosure of gross inflows and outflows, including physical cash transactions, foreign account transfers, and same-owner account transfers for business and personal accounts.

Expresses concerns about data privacy and security risks, citing potential jeopardy to account and personal information security and history of government data breaches.

Asserts the proposal would increase regulatory burden on Michigan's financial institutions, raising costs and damaging customer relations.

Directs transmission of resolution to Speaker of U.S. House, President of U.S. Senate, Michigan congressional delegation, and chairs of Senate Finance Committee and House Ways and Means Committee.