Hoeven Joins Senate GOP Members in Urging Democrats to Abandon Proposal that Compromises Financial Privacy of Americans

WASHINGTON – Senator John Hoeven this week joined Senators John Thune (R-S.D.), Mike Crapo (R-Idaho) and Pat Toomey (R-Pa.) in urging Senate Majority Leader Chuck Schumer (D-N.Y.) to abandon the Biden administration’s unprecedented proposal to give the Internal Revenue Service (IRS) access to private, confidential financial data of law-abiding Americans. The Biden administration and Democrats in Congress have proposed requiring financial institutions to report to the IRS gross inflow and outflow information as well as financial transaction data of bank accounts – a troubling proposal that would create serious privacy concerns for American taxpayers.

“This proposal also represents a radical departure from existing reporting requirements associated with national security and actual taxable events,”the senators wrote. “Placing more requirements on financial institutions would not only adversely affect these institutions and their customers – who ultimately pay the price for compliance costs – but it would also inundate the IRS with layers of new paperwork and taxpayer data that is either redundant or irrelevant to improving federal tax compliance, as account inflows and outflows are not taxable events.”

The letter was also signed by Senators Kevin Cramer (R-N.D.), John Barrasso (R-Wyo.), Marsha Blackburn (R-Tenn.), John Boozman (R-Ark.), Richard Burr (R-N.C.), Bill Cassidy (R-La.), John Cornyn (R-Texas), Steve Daines (R-Mont.), Chuck Grassley (R-Iowa), Bill Hagerty (R-Tenn.), John Kennedy (R-La.), James Lankford (R-Okla.), Cynthia Lummis (R-Wyo.), Jerry Moran (R-Kan.), Rob Portman (R-Ohio), Michael Rounds (R-S.D.), Ben Sasse (R-Neb.), Tim Scott (R-S.C.), Richard Shelby (R-Ala.), Thom Tillis (R-N.C.) and Todd Young (R-Ind.). 

Click here for the letter.