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ABA: The American Bankers Association
Statement
  • For Immediate Release
  • February 15, 2023

ABA Applauds Introduction of Prohibiting IRS Financial Surveillance Act

“ABA applauds Senate Banking Committee Ranking Member Tim Scott, Senate Finance Committee Ranking Member Mike Crapo and the other co-sponsors for introducing the Prohibiting IRS Financial Surveillance Act.  This important legislation would prevent the Internal Revenue Service from requiring financial institutions to turn over transaction information for millions of law-abiding bank customers.

“While we firmly believe that everyone should honor their tax obligations, the American people have a reasonable right to privacy and Congress should consider how the IRS can use its existing authorities to focus on those suspected of evading their taxes, rather than casting such a wide and unnecessary net. We urge lawmakers to listen to concerns of their constituents and advance this commonsense proposal.”  

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About the American Bankers Association

The American Bankers Association is the voice of the nation’s $23.7 trillion banking industry, which is composed of small, regional and large banks that together employ approximately 2.1 million people, safeguard $18.8 trillion in deposits and extend $12.5 trillion in loans.

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