WASHINGTON, DC – Today, Congressman Dave Joyce (OH-14) announced that he has co-sponsored legislation to prevent the Biden Administration from expanding the Internal Revenue Service’s (IRS) authority to monitor and collect data on Americans’ bank accounts. Specifically, H.R. 5586, the Prohibiting IRS Financial Surveillance Act, would prevent the Treasury Department from requiring financial institutions to report the inflows or outflows of any account they maintain except to the extent already required under federal law. 

“I’ve heard from countless constituents who are outraged about the Biden Administration’s attempt to subject them and their families to unjustified IRS surveillance, and rightfully so,” said Joyce. “The federal government should not have unfettered access to millions of Americans’ financial transactions, nor can it be trusted to keep that information secure at a time when our country is increasingly susceptible to cyberattacks.”

The Biden Administration’s newly proposed reporting requirement would compel financial institutions to report additional data to the IRS on accounts of both individuals and businesses. Under the proposal, banks would be required to report the total amount of money flowing in and out of an account, with breakdowns for foreign transactions and transfers to the same account holder. The original proposal would have impacted all bank accounts with transactions totaling over $600. After receiving significant backlash to that proposal, the Administration recently amended it to apply to accounts above a gross flow threshold of $10,000.

“I’m proud to be a cosponsor of the Prohibiting IRS Financial Surveillance Act to protect everyday Ohioans from intrusive monitoring and put a stop to this government overreach,” said Joyce. “Taxpayers are not guilty until proven innocent and the federal government cannot be allowed to treat them as such.”

You can read the full text of H.R. 5586 here.

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