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Bilirakis Helps Lead Charge to Prevent More Government Overreach

September 17, 2021
Press Release

Washington, D.C.:  Congressman Gus Bilirakis and a group of his colleagues wrote a letter to Speaker Nancy Pelosi, Ways and Means Chairman Richard Neal, Department of Treasury Secretary Janet Yellen, and Internal Revenue Service (IRS) Commissioner Charles Rettig imploring them to protect Americans’ privacy and prevent new overly burdensome regulations for financial institutions.  The letter is in response to a recently proposed provision by the Biden administration which would require credit unions and banks of all sizes to report inflows and outflows of funds on accounts holding more than $600 to the IRS.  

“We must stop government overreach into all aspects of our lives.  This is another egregious power grab from the Biden Administration to collect data on millions of Americans, and would also pose a tremendous burden on financial institutions,” said Congressman Bilirakis.   Of equal importance, this Administration has demonstrated a consistent inability to safeguard the sensitive data it already possesses.  Why on earth would we trust it with ensuring the privacy and security of millions more Americans’ financial data?”

This unprecedented request to access consumers’ personal financial data raises serious cybersecurity concerns. It is well known that the government relies on outdated systems to store IRS information.  There is not a legitimate need for the government to access this information that would justify the additional regulatory burden this proposed requirement would have on financial institutions, particularly small community banks.  To read the full text of the letter, click here.