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ABA: The American Bankers Association
Statement

ABA Statement on Bank Reporting Proposal

“The decision by the administration and House leaders not to pursue the bank reporting proposal is a victory for consumers and small businesses. Americans should honor their tax obligations, but forcing financial institutions to share private financial data from millions of customers with the IRS was the wrong way to reduce the tax gap.

"We want to thank the many lawmakers in both parties who understood the significant privacy concerns with the proposal and fought to keep it out of the proposed reconciliation framework. We will continue to stay vigilant and educate members on this flawed proposal as the bill proceeds through the House and Senate.”

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About the American Bankers Association

The American Bankers Association is the voice of the nation’s $23.3 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $19.2 trillion in deposits and extend nearly $11 trillion in loans.

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Blair Bernstein

(202) 663-5468

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