Press Releases

Today, Congressman Bill Huizenga (MI-02) announced he has cosponsored two separate pieces of legislation designed to stop the IRS from gaining access to the private financial data of law-abiding Americans.

“The Biden Administration’s desire to empower the IRS to collect more data on the private lives and spending habits of Americans should be rejected,” said Congressman Bill Huizenga. “The IRS has a track record of political targeting, failing to properly secure the data of taxpayers, and outright leaking data of private citizens. This dragnet style regulatory requirement is nothing more than a scoop and snoop play that would fail to provide tangible benefits. I have yet to see any proof that anyone is avoiding taxes by keeping their financial transactions at $600. In reality, this will open small businesses and middle class families across Michigan to unnecessary harassment and audits from the IRS. Both the Prohibiting IRS Financial Surveillance Act as well as the Protecting Financial Privacy Act would stop this. The House should pass these bills with a bipartisan majority today.”

The Prohibiting IRS Financial Surveillance Act, introduced by Drew Ferguson (R-GA), prohibits the IRS from implementing any form of the Biden Administration’s aggressive bank surveillance regime. The legislation prevents any new reporting requirements on banks to disclose information on individuals’ private bank account deposits or withdrawal activity. The bill does not restrict any existing provision of current law, such as the Bank Secrecy Act or existing subpoena authority.

Congressman Huizenga is also supporting H.R. 5451, the Protecting Financial Privacy Act, introduced by Rep. Ashley Hinson (R-Iowa). This bill would prohibit the creation of new regulations that require reporting on American’s private financial transaction data. This bill has companion legislation introduced in the Senate by Senator Tuberville of Alabama.