Prohibiting IRS Financial Surveillance Act

Press Release

U.S. Senator Kevin Cramer (R-ND), member of the Senate Banking Committee, joined Senator Tim Scott (R-SC) in introducing the Prohibiting IRS Financial Surveillance Act, a bill to prevent the Internal Revenue Service (IRS) from implementing Democrats' plan to give the agency access to transaction information of virtually every American.

"The Biden Administration is trying to snoop on some of the most private of information. They have gone from incremental steps towards socialism to huge leaps towards socialism," said Senator Cramer. "Democrats are trying to give the IRS more power and more reach into Americans' private information, and my Republican colleagues and I will do everything we can to stop it."

President Biden, Treasury Secretary Yellen, and the IRS are seeking access to every working American's private financial information by requiring financial institutions to monitor and report to the IRS each and every withdrawal and deposit that total at least $10,000 annually. The Prohibiting IRS Financial Surveillance Act would block this violation of privacy and overreach.

Last month the senator joined his colleagues in urging Senate Majority Leader Chuck Schumer (D-NY) to abandon the Biden Administration's unprecedented proposal. Senator Cramer spoke on the topic earlier this week at a Senate GOP press conference, warning "Marx is on our doorstep right now." Watch it here.

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