WHEREAS, The proposed reporting requirement would apply to
personal or business savings, transactional, loan and investment
accounts for a financial institution subject to the proposed
reporting requirement; and
WHEREAS, It is not known how a financial institution would
report the gross inflows and outflows for each customer account
under the proposed reporting requirement; and
WHEREAS, Maintaining the privacy and security of customer
account information is a primary goal of each financial
institution in this Commonwealth; and
WHEREAS, The proposed reporting requirement could jeopardize
the privacy and security of customer account information; and
WHEREAS, Financial institutions are already subject to many
burdensome regulatory requirements; and
WHEREAS, The proposed reporting requirement would only
exacerbate that burden, particularly for smaller financial
institutions; therefore be it
RESOLVED, That the Senate of the Commonwealth of Pennsylvania
urge the Congress of the United States to oppose the proposal to
make an unnecessary and harmful change to Internal Revenue
Service reporting requirements that affect financial
institutions and their customers in this Commonwealth; and be it
further
RESOLVED, That copies of this resolution be transmitted to
all the following:
(1) The President of the United States.
(2) The President pro tempore of the United States
Senate.
(3) The chairperson of the Committee on Finance of the
United States Senate.
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