WASHINGTON – U.S. Rep. Jeff Van Drew (R-2nd) introduced the Banking Privacy Act of 2021 Oct. 1.
According to a release from the congressman’s team, Van Drew recently voiced his opposition to the Biden administration’s proposal to require financial institutions to report private bank information of individuals to the Internal Revenue Service (IRS). Currently, this provision is being considered to be included in the Democrats’ $3.5 trillion social spending reconciliation package.
“I am completely opposed to the reconciliation package put forward by the Democrats, and this provision is just an extension of their goal for the government to control Americans’ lives,” stated Van Drew. “My bill will prohibit the IRS from implementing new reporting requirements relating to deposits or withdrawals from individual and business bank accounts. Law-abiding, taxpaying citizens should not have to worry about the government prying into their private transactions and being subjected to cyberattacks.”