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House Co-Sponsorship Memoranda
House of Representatives
Session of 2021 - 2022
Regular Session
MEMORANDUM
| Posted: | October 15, 2021 09:58 AM |
|---|---|
| From: | Representative Robert W. Mercuri |
| To: | All House members |
| Subject: | RESOLUTION – Urging Congress to oppose changes to IRS reporting |
| I plan on introducing a resolution that will urge Congress to oppose unnecessary and harmful changes to IRS reporting requirements impacting financial institutions and their customers. As proposed, a financial institution would be required to report total dollar amount of incoming and outgoing transactions from each customer account in excess of $600. The proposal would apply to personal or business savings, transactional, loan and investment accounts. This proposal is filled with many unintended consequences for our constituents and financial institutions: customer privacy and data security risks, compliance costs for individuals and small businesses; working contrary to important efforts to bring the unbanked into the banking system; and has potential danger to put customer relations with financial institutions at risk. In addition to the risks for our constituents, it is important to note that our financial institutions already are required to report a tremendous amount of information to the IRS. The new information that would be required would be massive, unmanageable and of questionable relevance. The proposal could jeopardize the privacy and security of customer account information and would only exacerbate the burdens on our financial institutions, especially our smaller ones. With that said, please protect our constituent’s financial information from this unnecessary change by joining me to urge Congress to oppose this proposal. |
Introduced as HR150