Joe Biden Plan - Bank account monitoring proposal draws criticism, concernRickey Stokes
Posted by: RStokes
Date: Oct 04 2021 10:14 AM
TUPELO • A proposed plan by the Biden administration to monitor financial account activity totaling $600 or more has drawn concern from the banking industry and others who see it as burdensome and an overreach by the government, among other criticisms.
The plan is included in the infrastructure bill now being negotiated in Washington.
The administration says the goal is to collect taxes from rich individuals and businesses on income that is earned but not reported, but opponents say that the requirements would cover the vast majority of bank, loan and investment accounts.
"The administration's proposal to require financial institutions to track and submit the vast majority of their banking customer information to the IRS risks major data breaches, infringes on financial privacy and overburdens the banking system with massive data collection responsibilities, all for a purpose that is not obviously served by the proposal," said Mitch Waycaster, president and CEO of Renasant.