Rep. Reilly Supports Bill Opposing IRS Monitor Of Bank Accounts

ROCHESTER HILLS, MI — Republican State Rep. John Reilly supported a resolution opposing President Biden’s proposal to monitor citizens’ bank accounts.

Biden’s initial proposal would require financial institutions report to the Internal Revenue Service information about all accounts with annual transactions totaling $600 or more and any account containing $600 or more at any point within a year.

The Michigan House of Representatives approved the legislation, House Resolution 174, which urges Congress to oppose harmful changes to federal reporting requirements for banks and other financial institutions.

The bill says, "There are very real concerns over data privacy and security if this proposed Internal Revenue Service reporting requirement, or a similar requirement, is put in place."

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Although the U.S. Treasury recently altered its reporting proposal from $600 to $10,000, Reilly said the change does not solve the problem.

"The federal government spends trillions of current and future generations’ taxpayer dollars," Reilly said. "Now, some in Washington don’t trust private citizens without the government looking over their shoulder. This proposal from the Biden administration would be intrusive and wrong."