South Carolina Treasurer Curtis Loftis of West Columbia announced he has joined 22 fellow state financial officers to speak out against a Biden Administration proposal that would require financial institutions to report private citizens’ personal bank account information to the Internal Revenue Service (IRS) if they exceed $600 of deposited funds.
“The overreaching federal government has no business peering into the personal financial accounts of law-abiding Americans. This proposal would merely empower the IRS to act as Big Brother,” said Treasurer Loftis. “Not only would the proposal invade the privacy of everyday citizens, it would also burden financial institutions – including small, local banks and credit unions – with the role of being an accessory to the IRS’ unnecessary data mining, potentially harming the trust and good relationships these organizations have built with their customers and communities. As the State’s Banker and Chairman of the State Board of Financial Institutions, I condemn it.”
The Biden Administration proposal, which is part of the American Families Plan, would create a comprehensive financial account information reporting system under which financial institutions would be required to report gross inflows and outflows for the bank, loan and investment accounts of American citizens and businesses. This would impact more than 100 million Americans who currently have a financial account.
“As Treasurers and Auditors we want to join the many state bank and credit union associations who oppose this type of intrusive action,” a letter from the 23 state financial officers stated. “We urge you to consider the negative impacts this initiative would have on individuals and small businesses in all of our communities, along with the negative impact on local financial institutions.”
Treasurer Loftis was joined on the letter by Arizona Treasurer Kimberly Yee, Arkansas Treasurer Dennis Milligan, Florida Chief Financial Officer Jimmy Patronis, Idaho Treasurer Julie Ellsworth, Indiana Treasurer Kelly Mitchell, Kentucky Auditor Mike Harmon, Kentucky Treasurer Allison Ball, Louisiana Treasurer John Schroder, Mississippi Treasurer David McRae, Missouri Treasurer Scott Fitzpatrick, Nebraska Treasurer John Murante, North Dakota Treasurer Thomas Beadle, Ohio Treasurer Robert Sprague, Oklahoma Treasurer Randy McDaniel, Pennsylvania Treasurer Stacy Garrity, South Dakota Treasurer Josh Haeder, Texas Comptroller Glenn Hegar, Utah Auditor John Dougall, Utah Treasurer Marlo Oaks, West Virginia Auditor John “JB” McCuskey, West Virginia Treasurer Riley Moore and Wyoming Treasurer Curt Meier.
The full letter can be viewed here: https://bit.ly/3nYEMFw.