“The Biden administration’s latest proposal to require this level of monitoring and reporting by financial institutions is absolutely absurd,” Congressman Simpson said. “This is clearly a violation of individual privacy, not to mention a hugely inappropriate government overreach.”
While the Department of Treasury has increased the proposed threshold for reporting from $600 in transactions to $10,000, nearly every Americans would still be subject to this monitoring.
“Many Idahoans have reached out to my office to express strong opposition to this proposal,” Congressman Simpson said. “This will undoubtably bloat the size of the IRS and increase federal bureaucracy. The Biden Administration needs to recognize that this is not what the American people need or want and remove this policy from consideration immediately.”
The letter asks the Secretary to abandon this proposal and encourage Congressional Democrats to do the same. You can read the letter to Secretary Yellen here.