WASHINGTON—Senator Tommy Tuberville (R-AL) is the latest to join efforts to block the IRS proposal that would require financial institutions to report on transaction data and account balances.
Tuberville this week introduced the Protecting Financial Privacy Act, legislation that would prohibit the IRS or any other agency from requiring financial institutions to report on transaction data and account balances.
The bill seeks to ensure that consumers are protected from identity theft, fraud, and cyber leaks that could result from the acquisition of personal financial data by the IRS, NAFCU reported.
“The American people don't need the IRS in their business any more than what they are,” stated Tuberville, the former college football coach.
Of note, other lawmakers, including Sens. John Thune (R-SD), Mike Crapo (R-ID), Pat Toomey (R-PA) and other members of the Republican Senate, continue to urge Congress to do away with the IRS proposal. The Senators sent a letter to Senate Majority Leader Chuck Schumer this week calling on the Senate to reject the proposed IRS reporting requirement in the reconciliation package.
‘Radical Departure’
“This proposal represents a radical departure from existing reporting requirements associated with national security and actual taxable events,” wrote the Senators.
The proposed IRS reporting requirement is being considered in the reconciliation package, which Speaker Nancy Pelosi said would be decoupled from the bipartisan transportation bill that the House is scheduled to consider today, NAFCU noted.