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Hoeven Helps Introduce Legislation to Protect Americans' Financial Privacy From Democrats' Irs Surveillance Proposal

Press Release

Date: Oct. 22, 2021
Location: Washington DC
Issues: Finance and Banking

Senator John Hoeven today helped introduce the Prohibiting IRS Financial Surveillance Act, legislation sponsored by Senator Tim Scott (R-S.C.) to prevent the Internal Revenue Service (IRS) from implementing Democrats' plan to give the agency access to the transaction information of virtually every American. Prior to this, Hoeven and his Republican colleagues pressed Senate Majority Leader Chuck Schumer (D-N.Y.) to abandon the proposal, which would require financial institutions to report to the IRS gross inflow and outflow information as well as financial transaction data of bank accounts, creating a serious privacy concern for taxpayers.

"The Democrats' proposal to allow the IRS to access the financial transaction information of American taxpayers is a serious overreach and invasion of privacy," said Hoeven. "We continue pressing the administration and Senate Democrats to abandon this troubling proposal and are advancing this legislation to prevent it from moving forward."


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