State Leaders Urge Privacy Protection in Consumer Banking
FOR IMMEDIATE RELEASE
October 28, 2021
Contact: Stephen Rupp
Email: [email protected]
ARLINGTON, VA – (OCTOBER 28, 2021) In swift response to invasive financial surveillance provisions being discussed in Washington, ALEC members passed a model resolution urging Congress to protect consumers from such harmful Internal Revenue Service rules. The resolution was approved unanimously by two ALEC task forces – the Tax and Fiscal Policy Task Force and the Commerce, Insurance and Economic Development Task Force – during special expedited meetings of state lawmakers and stakeholders and was finalized early this week.
The new model resolution coincides with proposals in the Nation’s Capital that could increase the IRS’ budget by $80 billion to hire 87,000 new IRS agents over the next 10 years to enforce harmful monitoring proposals. While the threshold for this monitoring activity was seemingly “walked back” from any account with $10,000 of aggregate annual deposited or withdrawn funds, this big government surveillance would likely still impact the overwhelming majority of Americans with bank accounts, as the average American has more than $60,000 move through their accounts each year. Twenty-four State Treasurers and Auditors have also raised their concerns about this proposal due to the privacy concerns at play.
Read the Resolution Urging Congress to Protect Consumer Privacy in Banking and Financial Transactions.
“This resolution demands that our Fourth Amendment rights as Americans are honored and respected,” said Maine Representative John Andrews, a sponsor of the ALEC model resolution. “As state legislators it is our duty to stand up, be proactive and protect those we represent.”
“Every day, we hear from state leaders who are tired of the failed, big government plans that are being discussed in Washington,” said Jonathan Williams, ALEC Chief Economist and Executive Vice President. “Many of the current ideas under discussion would substantially raise tax burdens and make America less competitive. Perhaps the most significant threat to individual liberty, however, is the harmful and intrusive effort which would radically expand the Internal Revenue Service’s authority into the lives of law-abiding citizens.”
The American Legislative Exchange Council is the largest nonpartisan, voluntary membership organization of state legislators in the United States. The Council is governed by state legislators who comprise the Board of Directors and is advised by the Private Enterprise Advisory Council, a group of private, foundation and think tank members. For more information about the American Legislative Exchange Council, please visit: www.alec.org.