Prohibiting IRS Financial Surveillance Act

Bill: 118-hr-1010
Sponsor: full_name: Rep. Ferguson, A. Drew, IV [R-GA-3]
Introduced: 2023-02-14
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-02-14
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2023-02-14
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 January 1, 2023.</p>

tv_txt: I 118th CONGRESS 1st Session H. R. 1010 IN THE HOUSE OF REPRESENTATIVES February 14, 2023 Mr. Ferguson (for himself, Mr. Buchanan , Mr. Smith of Nebraska , Mr. Kelly of Pennsylvania , Mr. Schweikert , Mr. LaHood , Mr. Wenstrup , Mr. Arrington , Mr. Estes , Mrs. Miller of West Virginia , Mr. Murphy , Mr. Kustoff , Mr. Fitzpatrick , Ms. Tenney , Mr. Moore of Utah , Mrs. Steel , Ms. Van Duyne , Mr. Feenstra , Ms. Malliotakis , Mr. Carey , and Mr. Smucker ) 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 January 1, 2023.