Press releases

WASHINGTON – Sen. John Kennedy (R-La.) joined Sens. Tim Scott (R-S.C.), Mike Crapo (R-Idaho), Pat Toomey (R-Penn.) and more than 40 other Republican senators in introducing the Prohibiting IRS Financial Surveillance Act to stop the Biden administration’s plan to give the Internal Revenue Service (IRS) access to the personal banking information of virtually every American.

“The Biden administration seems determined to insert Big Brother into every nook and cranny of Americans’ lives. The IRS’s plan to snoop into Louisianians’ bank accounts violates their privacy and scuttles due process. In its own words, Biden’s plan would create a ‘comprehensive financial account information reporting regime’ aimed at everyday Americans, and I’m proud to work with Sen. Scott and others to fight this invasion,” said Kennedy.

“The Democrats’ plan to allow the IRS to spy on the bank accounts of nearly every person in this country, even those below the poverty line, should be deeply concerning to anyone who values privacy and economic inclusion. Of the more than 7 million American households that are currently unbanked, the majority are low-income, rural, and minority Americans. Implementing the Biden reporting scheme will disproportionately harm those who need greater access to our financial institutions and people living paycheck to paycheck. My colleagues and I will not stop fighting the Democrats’ wrong-headed proposal to implement more federal government intrusion into our lives,” said Scott. 

“Every American should be wary of giving the IRS more power and more tentacles into private financial transactions. 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,” said Crapo. 

“The Biden administration’s plan to allow the IRS to monitor Americans’ bank accounts is a dangerous idea that will only prove to be worse over time. Today the administration wants to know your annual account inflows and outflows. What will they demand access to tomorrow? I’m glad to join Senator Scott and Senator Crapo in working to ensure this terribly flawed proposal never sees the light of day,” said Toomey. 

President Joe Biden, Treasury Secretary Janet Yellen and the IRS are seeking access to every working American’s financial information by requiring financial institutions to report to the IRS withdrawals and deposits totaling at least $10,000. Nearly every American, even those living below the poverty line, would be subject to this proposed reporting regime as the average American has annual expenditures of more than $60,000 per year.

The Prohibiting IRS Financial Surveillance Act would prevent the IRS from implementing Democrats’ plan to uncover Americans’ financial records. 

Kennedy had previously explained the dangers of the Biden administration’s plan. Video of his comments is available here.

Text of the Prohibiting IRS Financial Surveillance Act is available here.