Washington, D.C. – Today, Rep. Burgess Owens (UT-04) co-sponsored the Protecting Financial Privacy Act, legislation introduced by Rep. Ashley Hinson (IA-01), to prohibit a proposed provision in the upcoming $3.5 trillion reconciliation bill that would increase the surveillance capacity of the Internal Revenue Service (IRS) by mandating banks, credit unions, and other financial services providers to report financial transactions of $600 or greater. Financial institutions are currently only required to disclose cash transactions of $10,000 or more to the Treasury Department.
“Americans across the country and Utahns in the Fourth District value their financial privacy and are deeply concerned by this unwarranted overreach and senseless increased regulatory burden on businesses,” said Rep. Owens. “I’m a proud co-sponsor of this effort to protect Americans’ financial privacy against harmful big government surveillance.”
The full text of H.R. 5451 can be found here.
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