Prohibiting IRS Financial Surveillance Act

Bill: 117-hr-5586
Sponsor: full_name: Rep. Ferguson, A. Drew, IV [R-GA-3]
Introduced: 2021-10-15
Policy area: Finance and Financial Sector
Latest action: action_date: 2021-10-15
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2021-10-15
action_desc: Introduced in House
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 transfers into and out of a financial account. This prohibition does not apply to laws or regulations in effect on October 1, 2021.</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 5586 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.

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 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.