HARRISBURG, Pa. (WTAJ) – Pennsylvania Treasurer Stacy Garrity along with 23 state treasurers, auditors and financial officers on Wednesday called on President Joe Biden and U.S. Treasury Secretary Janet Yellen to reject proposals that would force banks private companies and credit unions report to the Internal Revenue Service (IRS) Account Flow valued at over $ 600.
Garrity says the plan is part of the Biden administration’s proposal for US $ 3.5 trillion in income for families and would allow the IRS to monitor the private banking activity of more than 100 million Americans.
“This unprecedented seizure of personal banking information from business and personal accounts is a threat to the financial security of Americans and to the community banking sector that many rely on,” Garrity said. “Not only would this create huge privacy concerns, but it would place enormous administrative burdens on banks and credit unions who would be forced to comply with such unnecessary mandates.”
The Pennsylvania Bankers Association, the Pennsylvania Association of Community Bankers and the CrossState Credit Union Association are said to have all opposed the proposal.
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