COLUMBUS – State Rep. Bob Young (R-Green) announced today that HCR 35 passed out of the Ohio House and will now move onto the Ohio Senate for concurrence.
House Concurrent Resolution 36 is a response to a new baking policy brought forth by the Biden Administration. The new policy would require that financial institutions must provide the Internal Revenue Service (IRS) with specific information. This information includes any inflows and outflows that exceed $10,000 on all of the financial institution's bank accounts.
“I am pleased to see this proposal pass out of the Ohio House and look forward to the Ohio Senate quickly moving the resolution to illustrate to the federal government our states disdain for this new banking policy,” said Young.
The IRS should not be given the ability by the federal government to have access to this unprecedented power to investigate America’s law-abiding citizen’s private bank accounts. Data of this low magnitude has no business being monitored by the IRS and is seen as a major infringement on data privacy. Additionally, it is a direct attack on the financial disclosures of all Americans.
The goal of the banking industry as a whole is and has always been to reduce the number of unbanked Americans. By designing a system to track and report all inflows and outflows of $10,000 or more every customer will be impacted.
People must have positive relationships with their banking institutions that are based on trust. If this policy passes there are no guardrails to stop the IRS or other government organizations from abusing the information given to them.