Young, Reineke Introduce Resolutions Opposing IRS Bank Account Reporting
COLUMBUS – State Rep. Bob Young (R-Green) and State Senator Bill Reineke (R-Tiffin) recently introduced concurrent resolutions in both Chambers that would urge Congress not to adopt a provision that would allow the Internal Revenue Service (IRS) to access personal bank account information.
“Today, I am honored to introduce HCR 36, urging Congress against the new proposed IRS surveillance program. I call it a surveillance program because according to our research, this program would amount to one of the largest data-mining programs in American history, affecting more than one hundred million Americans," said Young.
"This provision is a severe violation of privacy against everyday Americans without any cause or evidence that they have committed any fraud or wrongdoing," Reineke said. "Additionally, IRS data breaches of the past indicate that this information would not be safe from hackers or identity thieves. This provision will do nothing but shake confidence in the American financial system."
Under the proposed new rule, financial institutions would be required to annually report to the IRS gross inflows and outflows from all business and personal accounts if the amounts total at least $10,000 in a year.
S.C.R 10, which was introduced earlier last week, and H.C.R. 36 have been endorsed by the Ohio Bankers League. Ohio Credit Union League, and the Treasurer's Office.