A letter signed by more than 40 trade associations calls on Congress to reject the proposal, saying it violates customer privacy and would create an incredibly expensive and elaborate reporting requirement for banks.
A congressman of Texas reported over the weekend that he has contracted the CCP (Chinese Community Party) virus, which causes COVID-19, despite being fully vaccinated against the virus.
The Biden administration is seeking to compel banks to report to the IRS any bank account with more than $600 in transactions per year. This proposal is a linchpin of Biden’s American Families Plan, and will supposedly help generate almost $500 billion in federal revenue over the next decade.