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Armstrong Joins Effort to Prevent Government Surveillance of Personal Bank Accounts

Statement

Date: Oct. 20, 2021
Location: Washington, DC
Issues: Finance and Banking

Congressman Kelly Armstrong (R-ND) cosponsored the Prohibiting IRS Financial Surveillance Act to prevent the Internal Revenue Service (IRS) from implementing the Biden administration's proposed new reporting requirements for banks and other financial institutions.

"Allowing the IRS to spy on Americans' personal bank accounts is wrong," said Congressman Armstrong. "Regardless of the final number Democrats decide on, this proposal would place a large burden on families, small banks, and small businesses, while greatly expanding the powers of the IRS. I will stand against this violation of the financial privacy of North Dakotans and all Americans."

The Biden administration proposed implementing requirements for banks and other financial institutions to provide the IRS details on their customers and data for accounts with deposits or withdrawals worth more than $600. After a public outcry from millions of Americans, the proposed threshold was raised to $10,000.


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