Palazzo Responds to Democrats' IRS Surveillance Scheme

Statement

Congressman Steven Palazzo (MS-4) made the following statement after co-sponsoring H.R. 5451 Protecting Financial Privacy Act, to prohibit federal agencies from forcing institutions to report balances or transactions outside of the Bank Secrecy Act requirements and the prevention of criminal activity.

"Democrats and the Biden administration are chasing unprecedented power with a willingness to violate every right to privacy, freedom, and speech of yours and mine to achieve that goal. Utilizing the IRS to spy on the bank accounts of working-class Americans- families, farmers, and small businesses- is just the latest of their privacy invasions.

"I co-sponsored H.R. 5451 after hearing from several community members in south Mississippi who have serious concerns about what a weaponized IRS means for their businesses and the safety of their personal information. Smaller credit unions and banks are concerned about the burden of increased tax reporting requirements, and individuals, like me, are angered by the personal invasion of such legislation.

"Americans value and deserve privacy, ESPECIALLY when it comes to their finances. I co-sponsored the Protecting Financial Privacy Act to prohibit agencies, like the IRS, from forcing data reports that not only overburden our small credit unions and banks but jeopardize the safety of Americans' sensitive information," said Congressman Palazzo.

A companion bill has been introduced in the United States Senate and is awaiting votes in both Chambers. Read more about the legislation here.

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