Title: Prohibiting IRS Financial Surveillance Act
Policy area: Finance and Financial Sector

Summary:
Prohibiting IRS Financial Surveillance Act
This bill prohibits the Department of the Treasury from requiring a financial institution to report the transfers into and out of a financial account. This prohibition does not apply to laws or regulations in effect on October 1, 2021.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5586 Introduced in House (IH)]

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117th CONGRESS
  1st Session
                                H. R. 5586

   To prohibit the implementation of new requirements to report bank 
                   account deposits and withdrawals.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 15, 2021

  Mr. Ferguson (for himself, Mr. Brady, Mr. Nunes, Mr. Buchanan, Mr. 
 Smith of Nebraska, Mr. Reed, Mr. Kelly of Pennsylvania, Mr. Smith of 
 Missouri, Mr. Rice of South Carolina, Mr. Schweikert, Mrs. Walorski, 
 Mr. LaHood, Mr. Wenstrup, Mr. Arrington, Mr. Estes, Mr. Smucker, Mr. 
Hern, Mrs. Miller of West Virginia, Mr. Williams of Texas, Mrs. Steel, 
Mr. Rouzer, Mrs. Wagner, Mr. Bilirakis, Mr. Hice of Georgia, Mr. Gibbs, 
   Mr. Pence, Mr. Perry, Mr. Austin Scott of Georgia, Mr. Rogers of 
  Alabama, Mr. Latta, Mr. Steil, Mrs. Miller-Meeks, Mr. Sessions, Ms. 
  Mace, Mr. Roy, Mr. Van Drew, Mr. Babin, Mr. Mooney, Mr. Johnson of 
  South Dakota, Mr. Timmons, Mr. Carter of Georgia, Mr. Crawford, Mr. 
 Dunn, Mr. Wilson of South Carolina, Mr. McClintock, Mrs. Harshbarger, 
Mr. Bacon, Mr. Emmer, Mr. Budd, Mr. LaTurner, Ms. Cheney, Mr. McKinley, 
   Ms. Stefanik, Mr. Huizenga, Mr. Clyde, Mr. Moore of Alabama, Mr. 
 Steube, Mr. Kustoff, Mr. Guest, Mrs. Cammack, Mr. Mann, Mr. Stauber, 
  Mr. Burchett, Mr. Lamborn, Mrs. Bice of Oklahoma, Mr. Guthrie, Mr. 
   Bishop of North Carolina, Mr. Baird, Mr. Allen, Mr. Wittman, Mr. 
Reschenthaler, Mr. Banks, Mr. Luetkemeyer, Mr. Garbarino, Mr. Jackson, 
 Mr. Grothman, Mr. Balderson, Mr. Comer, Ms. Salazar, Mr. Keller, Mr. 
 Taylor, Ms. Herrell, Mr. Fulcher, Mr. Webster of Florida, Mr. Duncan, 
Mr. Posey, Mr. Bergman, Mr. Pfluger, Mr. Cole, Mr. Graves of Missouri, 
and Ms. Van Duyne) introduced the following bill; which was referred to 
                  the Committee on Financial Services

_______________________________________________________________________

                                 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 Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Prohibiting IRS Financial 
Surveillance Act''.

SEC. 2. PROHIBITION ON NEW REQUIREMENTS TO REPORT BANK ACCOUNT DEPOSITS 
              AND WITHDRAWALS.

    The Secretary of the Treasury (including any delegate of the 
Secretary) may not require any financial institution to report the 
inflows or out-flows (or any similar amount, whether on a transaction 
or aggregate basis) of any account maintained by such institution, 
except to the extent that such reporting is required under any program, 
or other provision of law, as in effect on October 1, 2021.
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