Johnson Supports Bill to Protect Americans Personal Banking Information

Washington, D.C. – Today, U.S. Representatives Dusty Johnson (R-S.D.) and Drew Ferguson (R-GA) introduced the Prohibiting IRS Financial Surveillance Act to prevent the Internal Revenue Service (IRS) from implementing invasive bank reporting requirements on personal small dollar financial transactions.

Currently, the Biden Administration is pushing a proposal for comprehensive financial account surveillance, including the collection of private bank information to close the "tax gap." Their plan would require banks and other financial institutions to provide the IRS details and data on their customers' accounts, including deposits and withdrawals worth more than $600.

"The Biden Administration's proposal to review every bank transaction over $600 is big government at its worst," said Johnson. "This proposal would place an unimaginable strain on small banks and expand the reach of the IRS into our everyday lives. Americans deserve financial freedom and privacy – this level of data collection puts that privacy at great risk."

In September, Johnson joined his Republican colleagues in urging Treasury Secretary Janet Yellen to abandon this proposal because of the significant impact of compliance costs on community banks.

Johnson is also a cosponsor of H.R. 5206, which would require an annual report to Congress on the tax gap estimate; it would also codify President Biden's promise to not raise taxes on individuals making less than $400,000. Additionally, Johnson recently joined his colleagues requesting the Treasury abandon any plans to monitor Americans financial transactions.