OH SCR10

Urges the 117th United States Congress to reject a federal proposal requiring financial institutions and financial service providers to report customer net account inflows and outflows to the Internal Revenue Service

Characterizes the proposal as one of the largest privacy encroachments in history, directly affecting more than one hundred million Americans

Argues the reporting requirement would increase tax preparation costs, expand the unbanked population, and devastate small banks and credit unions during fragile economic recovery

States that privacy concerns already discourage individuals from opening bank accounts and that this regime would push suspicious populations back into unbanked and underbanked status

Directs the Ohio Senate Clerk to transmit copies of the resolution to the President of the United States, Treasury Secretary, Ohio congressional delegation, congressional leadership, and Ohio news media