Federal

Prohibiting IRS Financial Surveillance Act

Source: Congress.gov · 342 words in original text

What This Bill Does

This bill stops the U.S. Treasury Secretary from creating new rules that require banks and financial institutions to report information about customer bank accounts. The bill only blocks new reporting requirements that are not already required by existing law as of the bill's passage date. ##

Who It Affects

Financial institutions (banks and similar organizations) and the U.S. Treasury Department. ##

Key Provisions

• The Treasury Secretary cannot require financial institutions to report money flowing in and out of customer accounts, except for reporting already required by law before this bill passes (Sec. 2) • The Treasury Secretary cannot require financial institutions to report account balances, transactions, transfers or similar account information, except for reporting already required by law before this bill passes (Sec. 2) ##

What Changes

If this becomes law, the Treasury Secretary loses the ability to create brand new rules forcing banks to report customer account deposits, withdrawals, balances and transactions. Banks would only need to follow reporting rules that existed before this bill became law. ##

Important Definitions

None defined in bill text. ##

II 118TH CONGRESS 1ST SESSION S. 453 To prohibit the implementation of new requirements to report bank account deposits and withdrawals. IN THE SENATE OF THE UNITED STATES FEBRUARY 15, 2023 Mr. SCOTT of South Carolina (for himself, Mr. CRAPO, Mr. BARRASSO, Mr. BRAUN, Mr. CORNYN, Mr. CRUZ, Mr. GRASSLEY, Mr. KENNEDY, Mr. MARSHALL, Mr. ROUNDS, Mr. WICKER, Mrs. BLACKBURN, Mr. CASSIDY, Mr. COTTON, Mr. DAINES, Mr. HAGERTY, Mr. LANKFORD, Mr. PAUL, Mr. SCOTT of Florida, Mr. VANCE, Mr. BOOZMAN, Ms. COLLINS, Mr. GRAHAM, Mr. HOEVEN, Ms. LUMMIS, Mr. RISCH, Mr. YOUNG, Mr. THUNE, Mr. MORAN, Ms. ERNST, and Mr. JOHNSON) introduced the fol- lowing bill; which was read twice and referred to the Committee on Bank- ing, Housing, and Urban Affairs A BILL To prohibit the implementation of new requirements to report bank account deposits and withdrawals. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Prohibiting IRS Fi- 4 nancial Surveillance Act’’. 5 VerDate Sep 11 2014 22:30 Mar 03, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S453.IS S453 kjohnson on DSK79L0C42PROD with BILLS 2 •S 453 IS SEC. 2. PROHIBITION ON NEW REQUIREMENTS TO REPORT 1 BANK ACCOUNT DEPOSITS AND WITH- 2 DRAWALS. 3 The Secretary of the Treasury (including any dele- 4 gate of the Secretary) may not require any financial insti- 5 tution to report— 6 (1) the inflows or outflows of any account main- 7 tained by such institution, or 8 (2) any balances, transactions, transfers, or 9 similar information with respect to any such ac- 10 count, 11 except to the extent that such reporting is required under 12 any program, or other provision of law, as in effect on 13 the date of the enactment of this Act. 14 Æ VerDate Sep 11 2014 22:30 Mar 03, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\S453.IS S453 kjohnson on DSK79L0C42PROD with BILLS

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