The Alabama House of Representatives on Wednesday passed a measure aimed at stopping a proposal by the federal government to gather data on personal bank accounts.
Sponsored by State Rep. Wes Allen (R-Troy), the house resolution called the right to privacy “a cornerstone of American democracy” and warned that, without it, “the erosion of other rights and freedoms is almost certain.”
Allen believes this is one of many areas where President Joe Biden’s administration is engaged in an unacceptable overreach.
“I am excited to report that the Alabama House of Representatives passed the resolution I sponsored today which opposes efforts by the Biden Administration to force banking institutions to violate the constitutional rights of Americans by reporting every financial transaction over $600 to the IRS without a warrant or any level of due process,” he said in a statement. “We must stand and defend our rights from continued attempts by the Biden Administration to reach beyond their authority.”
Internal Revenue Service Commissioner Charles Rettig first announced the proposal in front of the U.S. Senate Finance Committee. The administration’s proposal would have required financial institutions to report data to the IRS on all bank accounts that have total deposits and withdrawals of at least $600.
Treasury Secretary Janet Yellen endorsed the proposal during subsequent testimony in front of a committee in the United States House of Representatives.
U.S. Senator Tommy Tuberville (R-AL) introduced legislation to prevent the data sharing.
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