Hoeven Helps Introduce Legislation to Protect Americans’ Financial Privacy from Democrats’ IRS Surveillance Proposal

WASHINGTON – 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.”

In addition to Hoeven and Scott, the bill is cosponsored by the ranking members of the Senate Finance and Banking committees, Senators Mike Crapo (R-Idaho) and Pat Toomey (R-Penn.), as well as Republican Leader Mitch McConnell (R-Ky.) and Senators Kevin Cramer (R-N.D.), John Thune (R-S.D.), John Barrasso (R-Wyo.), Joni Ernst (R-Iowa), Roy Blunt (R-Mo.), John Cornyn (R-Texas), Roger Marshall (R-Kan.), Thom Tillis (R-N.C.), Cynthia Lummis (R-Wyo.), Steve Daines (R-Mont.), John Kennedy (R-La.), Jerry Moran (R-Kan.), Richard Shelby (R-Ala.), Mike Rounds (R-S.D.), Chuck Grassley (R-Iowa), Richard Burr (R-N.C.), Todd Young (R-Ind.), Cindy Hyde-Smith (R-Miss.), Roger Wicker (R-Miss.), Marsha Blackburn (R-Tenn.), Jim Risch (R-Idaho), Mike Braun (R-Ind.), Shelley Moore Capito (R-W.Va.), Ben Sasse (R-Neb.), Tom Cotton (R-Ark.), Mitt Romney (R-Utah), James Lankford (R-Okla.), Jim Inhofe (R-Okla.), Dan Sullivan (R-Alaska), Josh Hawley (R-Mo.), Marco Rubio (R-Fla.), Rick Scott (R-Fla.), Ted Cruz (R-Texas), Bill Hagerty (R-Tenn.), Tommy Tuberville (R-Ala.), Lindsey Graham (R-S.C.), Ron Johnson (R-Wis.), Rand Paul (R-Ky.), John Boozman (R-Ark.), Mike Lee (R-Utah), Susan Collins (R-Maine), Deb Fischer (R-Neb.), and Rob Portman (R-Ohio).

The full text of the legislation can be found here.