Prohibiting IRS Financial Surveillance Act

Bill: 117-s-3455
Sponsor: full_name: Sen. Scott, Tim [R-SC]
Introduced: 2022-01-10
Policy area: Finance and Financial Sector
Latest action: action_date: 2022-01-18
text: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 235.

Summaries:
action_date: 2022-01-10
action_desc: Introduced in Senate
text: <p><strong>Prohibiting IRS Financial Surveillance Act </strong></p> <p>This bill prohibits the Department of the Treasury from requiring a financial institution to report the balances, transactions, or the transfers into and out of a financial account. This prohibition does not apply to laws or regulations in effect on the date of enactment.</p>

tv_txt: II Calendar No. 235 117th CONGRESS 2d Session S. 3455 IN THE SENATE OF THE UNITED STATES January 10, 2022 Mr. Scott of South Carolina introduced the following bill; which was read the first time January 18, 2022 Read the second time and placed on the calendar A BILL To prohibit the implementation of new requirements to report bank account deposits and withdrawals.

1. Short title This Act may be cited as the Prohibiting IRS Financial Surveillance Act . 2. Prohibition on new requirements to report bank account deposits and withdrawals (a) In general The Secretary of the Treasury (including any delegate of the Secretary) may not require any financial institution to report— (1) the inflows or outflows of any account maintained by such institution, or (2) any balances, transactions, transfers, or similar information with respect to any such account, except to the extent that such reporting is required under any program, or other provision of law, as in effect on the date of the enactment of this Act. (b) Effective date The provisions of this section shall take effect on the day after the date of enactment of this Act.

January 18, 2022 Read the second time and placed on the calendar