Prohibiting IRS Financial Surveillance Act
Source: Congress.gov ·
302 words in original text
What This Bill Does
This bill stops the Treasury Department from creating new rules that require banks to report money flowing in and out of customer accounts. The bill only allows reporting requirements that already existed as of January 1, 2023.
Who It Affects
Financial institutions (banks and similar money-handling businesses) are directly affected. The Treasury Department and its delegates are restricted in what they can require.
Key Provisions
* The Treasury Secretary cannot require financial institutions to report deposits or withdrawals from accounts, whether counted per transaction (one at a time) or in total, except for reporting already required by law as of January 1, 2023 (Sec. 2)
What Changes
If this bill becomes law, the Treasury Department cannot create any new reporting requirements for bank deposits and withdrawals beyond what was already in place on January 1, 2023.
Important Definitions
None defined in the bill text.
Important: This plain English summary was generated by AI and is provided for informational purposes only.
It is not legal advice. Always consult the official bill text on Congress.gov
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