[Congressional Record Volume 167, Number 185 (Thursday, October 21, 2021)]
[House]
[Page H5769]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




       IRS DATA COLLECTION PROPOSAL BAD FOR FAMILIES, BUSINESSES

  (Mr. GUEST asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. GUEST. Mr. Speaker, I rise today to encourage my colleagues to 
join me in opposition to the proposed IRS reporting plan that would 
intrude on the bank accounts of Americans and impose new regulations on 
our already overregulated banking system.
  First, it is not apparent that the IRS has any constitutional 
authority to monitor Americans in this way.
  Second, the American public does not support the expansion of IRS 
bank data collection. Recent polling shows bipartisan opposition, with 
67 percent of those polled opposed to the IRS collecting bank deposit 
and withdrawal information.
  Finally, this would add another regulatory burden to our financial 
institutions after a historic year when banks and credit unions 
provided lifelines to families, businesses, and communities during the 
COVID-19 pandemic.
  This proposal imposes upon our right to privacy and is bad for 
families, small businesses, and financial institutions. I hope my 
colleagues across the aisle will reconsider their support for this 
unwarranted expansion of government.

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