Washington, D.C.--U.S. Senator Mike Crapo (R-Idaho), Ranking Member of the Senate Finance Committee, U.S. Senator Tim Scott (R-South Carolina) and their Republican colleagues have introduced the “Prohibiting IRS Financial Surveillance Act,” a bill to prevent the Internal Revenue Service (IRS) from implementing Democrats’ plan to give the agency access to transaction information of virtually every American.
“Every American should be wary of giving the IRS more power and more tentacles into private financial transactions,” said Senator Crapo. “The IRS bank reporting proposal is one of the biggest expansions of the agency’s authority we’ve ever seen, and is fundamentally flawed. I’m proud to support Senator Scott’s legislation to stop this proposal in its tracks and protect Americans’ personal, private financial information.”
The bill is co-sponsored by Pat Toomey (R-Pennsylvania), Ranking Member of the Senate Banking Committee, as well as Senators Mitch McConnell (R-Kentucky), John Thune (R-South Dakota), John Barrasso (R-Wyoming), Joni Ernst (R-Iowa), Roy Blunt (R-Missouri), John Cornyn (R-Texas), Roger Marshall (R-Kansas), Thom Tillis (R-North Carolina), Cynthia Lummis (R-Wyoming), Steve Daines (R-Montana), John Kennedy (R-Louisiana), Jerry Moran (R-Kansas), Kevin Cramer (R-North Dakota), Richard Shelby (R-Alabama), Mike Rounds (R-South Dakota), Chuck Grassley (R-Iowa), Richard Burr (R-North Carolina), Todd Young (R-Indiana), John Hoeven (R-North Dakota), Cindy Hyde-Smith (R-Mississippi), Roger Wicker (R-Mississippi), Marsha Blackburn (R-Tennessee), Jim Risch (R-Idaho), Mike Braun (R-Indiana), Shelley Moore Capito (R-West Virginia), Ben Sasse (R-Nebraska), Tom Cotton (R-Arkansas), Mitt Romney (R-Utah), James Lankford (R-Oklahoma), Jim Inhofe (R-Oklahoma), Dan Sullivan (R-Alaska), Josh Hawley (R-Missouri), Marco Rubio (R-Florida), Rick Scott (R-Florida). Ted Cruz (R-Texas), Bill Hagerty (R-Tennessee), Tommy Tuberville (R-Alabama), Lindsey Graham (R-South Carolina), Ron Johnson (R-Wisconsin), Rand Paul (R-Kentucky), John Boozman (R-Arkansas), Mike Lee (R-Utah), Susan Collins (R-Maine), Deb Fischer (R-Nebraska) and Rob Portman (R-Ohio).
Read more about Senator Crapo’s efforts in recent weeks to blast this intrusive reporting regime:
Full text of the bill can be found here.