Booker Seeks to Modernize IRS Income Verification Process

WASHINGTON, DC – U.S. Senator Cory Booker (D-NJ) and Chief Deputy Whip Patrick McHenry (R-NC), along with U.S. Senator Mike Crapo (R-ID) and Rep. Earl Blumenauer (D-OR), introduced a bipartisan bill that makes it easier for small businesses to access capital. Booker is a member of the Senate Committee on Small Business and Entrepreneurship and McHenry is the Vice Chairman of the House Financial Services Committee.
The IRS Data Verification Modernization Act of 2017 requires the Internal Revenue Service (IRS) to automate the process that it uses to verify someone’s income and financial history, allowing small businesses and consumers to access accurate credit assessments more efficiently.
“Helping small businesses access capital is one of the best things we can do to support their development and grow the economy,” Booker said. “Our commonsense bill simplifies the loan process for small businesses and entrepreneurs by providing lenders quicker access to financial records and data, while safeguarding private information. This bill will cut red tape and unreasonably lengthy waiting periods, making the process more efficient in getting much-needed capital into the hands of small businesses.”
“Innovation in financial services has created more convenient and secure ways to meet the demands of American consumers,” McHenry said. “For financial innovation to succeed, however, Washington must update its information technology infrastructure to keep up with the growth and creativity in the private sector.
“Our federal government needs to do a better job in updating and securing its technology to make lending more accessible for all Americans,” McHenry continued. “In light of the recent SEC and Equifax breaches, now is the time for Congress to take a leading role in creating a more safe and affordable process so that consumers are protected.  This bill takes a small but important step in that direction by modernizing one of the most important processes in the financial system: income verification.”