Prohibiting IRS Financial Surveillance Act

Bill: 117-s-3056
Sponsor: full_name: Sen. Scott, Tim [R-SC]
Introduced: 2021-10-21
Policy area: Finance and Financial Sector
Latest action: action_date: 2021-10-21
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2021-10-21
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 117th CONGRESS 1st Session S. 3056 IN THE SENATE OF THE UNITED STATES October 21, 2021 Mr. Scott of South Carolina (for himself, Mr. Crapo , Mr. Toomey , Mr. McConnell , Mr. Thune , Mr. Cornyn , Mr. Marshall , Mr. Tillis , Ms. Lummis , Mr. Daines , Mr. Kennedy , Mr. Moran , Mr. Cramer , Mr. Shelby , Mr. Rounds , Mr. Grassley , Mr. Burr , Mr. Barrasso , Mr. Young , Mr. Hoeven , Mrs. Hyde-Smith , Mr. Wicker , Mrs. Blackburn , Mr. Risch , Mr. Braun , Mrs. Capito , Mr. Sasse , Mr. Cotton , Ms. Ernst , Mr. Romney , Mr. Lankford , Mr. Blunt , Mr. Inhofe , Mr. Cruz , Mr. Hawley , Mr. Sullivan , Mr. Rubio , Mr. Hagerty , Mr. Scott of Florida , Mr. Tuberville , Mr. Graham , Mr. Johnson , Mr. Paul , Mr. Boozman , Mr. Lee , Ms. Collins , Mrs. Fischer , and Mr. Portman ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 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 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.