[Congressional Record Volume 167, Number 165 (Thursday, September 23, 2021)]
[House]
[Page H5107]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




      BIDEN ADMINISTRATION PLANS TO INFRINGE ON AMERICANS' PRIVACY

  (Mr. TIFFANY asked and was given permission to address the House for 
1 minute.)
  Mr. TIFFANY. Mr. Speaker, I rise today in opposition to the Biden 
administration's latest plan to infringe on the privacy of millions of 
Americans.
  Amid raging inflation and a multitrillion-dollar spending spree, 
President Biden and the Democrats now want to spy on American citizens' 
financial transactions.
  This proposal would require financial institutions to report 
information about the outflows and inflows on all accounts with over 
$600 to the IRS every year.
  Not only would such a massive data collection cause large compliance 
costs for our local banks, credit unions, and financial institutions in 
Wisconsin and across the country, it would further deepen mistrust in 
our financial institutions and community banks.
  The IRS experiences 1.4 billion cyberattacks annually and has 
experienced multiple data breaches. This leaves Americans' most private 
of information vulnerable to attack and fraud.
  Privacy is one of the main reasons individuals do not open bank 
accounts. Having the government monitor and collect data on personal 
financial account transactions will further this distrust with 
financial institutions.
  Law-abiding Americans deserve the right to privacy over their 
personal financial data. Allowing the government to sift through our 
financial records is a violation of our basic right to privacy.

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