Financial transaction

20 Attorneys General Call on Biden to Cancel ‘Banking Supervision Plan’ | Pelican Post


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Fighting to protect the financial freedom of Louisiana citizens, Attorney General Jeff Landry opposes the Biden administration’s unconstitutional banking supervision plan. Attorney General Landry joined 19 of his fellow state attorneys general in calling for an immediate end to a proposal that would allow the Internal Revenue Service (IRS) to access every citizen’s bank account with a balance of ‘at least $ 600 and more than $ 600 per year in transactions.

In a letter to Biden and his Treasury Secretary Janet Yellen, Attorney General Landry and his colleagues argue that the policy is too heavy-handed at best and illegal at worst.

Attorneys General argue the proposal seeks to leverage private transaction information by effectively turning banks into large-scale data processors for the IRS, forcing banks to provide private information regarding day-to-day transactions such as payments. rent, payment for groceries and other transactions that are part of the daily life of Americans who have done nothing wrong, are not suspected of having done anything illegal and for which the government has no evidence or reason to believe that they are guilty of civil or criminal violations.

The letter, in full, below:

Dear Mr. President and Secretary Yellen:

We, the undersigned Attorneys General, are writing on behalf of our respective states regarding the current Internal Revenue Service (IRS) proposal that your administration is championing, which would give the federal government access to nearly all bank accounts and financial transaction information. of all Americans.1 As chief magistrates of our states, we find this proposal totally unacceptable and we oppose any such demand. It’s too heavy at best and illegal at worst. As such, we ask that you cancel this proposal immediately.

While details of the proposal have not been finalized, news reports indicate that this invasive policy will force all banks, credit unions and financial institutions to report information to the IRS on every bank account with a balance. of at least $ 600 and exceeds $ 600 per year. in operations. As Secretary of the Treasury, you said that some Americans hid their money to avoid paying taxes. We understand that you also think Americans are playing with the system and, without citing any evidence to support that belief, your response is to institute a heavy “Big Brother Mandate” requiring financial institutions to report “some pieces of information. on private banking. accounts ”to the IRS.

This proposal is directly opposed to the privacy that Americans are entitled to and deserve. The federal government to search almost all the bank accounts of all Americans without cause, or even suspicion, is unacceptable, illegal and contrary to well-founded constitutional principles against illegal searches and seizures. Your proposal aims to leverage private transaction information by effectively turning banks into large-scale data processors for the IRS, requiring banks to provide private information regarding day-to-day transactions such as rent payments, purchases groceries and other transactions that are part of everyday life. Americans who have done nothing wrong, are not suspected of having done anything illegal, and for whom the government has no evidence or reason to believe they are guilty of civil or criminal violations .

Unfortunately, it has become too common for this administration to disregard the Constitution and laws of the United States when issuing policies like this. In addition, from a political point of view, we have heard from financial institutions across the country who are adamant that this policy will not achieve the desired result but instead, in addition to violating the law, it will impose a huge burden on local and community banks in our states. If implemented, banks across the country will need to transform the way they do business in order to comply with proposed reporting requirements, including investing significant sums in data collection and other systems if banks are now forced to act as a watchdog. for federal agencies.

This heavy regulatory burden will punish the consumer in more ways than one. If this illegal scheme were allowed to be implemented, banks would likely be forced to pass costs in the form of fees or higher interest rates to customers who are already in trouble. Such additional costs would only increase the number of people without access to banking services.

Moreover, this ill-conceived plan would likely force the federal government to raise tax revenues even more than what it recently proposed in legislation pending before Congress to both process and safely secure the massive influx of financial data he would receive. Not to mention that centralized storage of this type of sensitive information would provide cybercriminals with another target to exploit information about almost all Americans, further underscoring the dangers of this proposed policy.

The primary role of government is to protect people and property, and it is our duty to protect the people of our states, which is why we oppose this reckless abuse of federal power. Americans are rightly outraged by this policy and view it as illegal, intrusive, completely unnecessary and costly. If stopping financial criminals or punishing tax evaders is the administration’s goal, we will gladly join you in finding the right solutions based on the rule of law, but we are sure that violating the rule of law. privacy of virtually all Americans with a bank account is not the answer. For these reasons, we oppose this policy and urge you to cease all efforts to move this proposal forward immediately.

Signed by Attorneys General representing 20 States

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