Arizona AG urges Congress to reject Biden's IRS bank reporting rule: 'Unfettered power grab'
GOP lawmakers slam Biden’s IRS bank account monitoring plan
Senator Mike Crapo joins ‘Kudlow’ to slam the Biden administration over the controversial proposal.
Arizona Attorney General Mark Brnovich urged the top four congressional leaders in a letter this week to reject a Biden administration proposal that would force banks to turn over most customers' account information to the Internal Revenue Service, even after the White House agreed to narrow the scope of the policy.
"Should this proposal be codified into law, it would be yet another dangerous, unfettered power grab by the federal government," Brnovich wrote in the letter, sent Wednesday. "It would also be a higher cost of doing business for financial institutions, especially community banks."
Under the new plan that Senate Democrats unveiled Tuesday, banks, credit unions and other financial institutions would be required to report annually on accounts with deposits and withdrawals worth more than $10,000, rather than the $600 threshold that President Biden initially proposed.
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The Treasury Department has endorsed the pared-back plan, which comes following a steady lobbying campaign from banking groups and other industry organizations in addition to fierce pushback from Republican lawmakers who amounted it to the worst type of government overreach.