Banks Balk at Biden’s Plan to Have IRS Spy on Americans’ Financial Transactions

The current president of the United States is repeatedly proving that he lacks the judgment to lead the nation. Time and time again, Biden’s made choices that show his absolute lack of regard for America and the freedoms that make this country so great.

When Biden ran for president, he talked about “building back better”; however, it is readily obvious that Biden’s “build back better” slogan was all about government expansion, the erosion of individual rights, and the ushering in of socialism.

From Biden leaving Americans behind in Afghanistan to introducing an unpopular, illegal COVID vaccine mandate and flooding our southern borders, this president is absolutely out of his mind.

Now, he wants the IRS to be able to spy on Americans’ financial transactions if the money in accounts or transactions reach or surpass $600. Meanwhile, Fox Business confirms that banks are currently balking at such a proposal.

Pushback from Banking and Financial Institutions

Biden’s policy to have Americans’ financial and monetary transactions reported to the IRS would include banks, credit unions, investment accounts, money transfer apps like PayPal, Zelle, etc. This would also provide the IRS with enormous levels of information into the lives and finances of the American people.

The president wants to do this in order to gather funds for all the ridiculous spending programs he aims to enact. However, banking and financial institutions are very much not on board.

As a matter of fact, these bodies maintain that Biden’s plan would cost them more money and create more headaches for them. That’s why over 40 banks have written to members of Congress, requesting them to vote down any proposal of the aforementioned nature.

In this letter to lawmakers, the banks specifically declared that reputational and operational issues would arise from what Biden is trying to do. These banks additionally maintain that the president’s “ill-advised” policy would engender very real concerns pertaining to financial privacy.

An Unpopular Proposal

It is very much apparent that Biden’s proposal regarding turning over Americans’ financial information to the IRS is deeply unpopular. Right now, banks are already required to report transactions of $10,000 and above to the Financial Crimes Enforcement Network as a means of preventing money laundering.

Biden’s claimed this is all part of making the wealthy in America “pay their fair share.” Yet, the $600 mark makes very clear that the president’s proposal is about intruding on the privacy of virtually all Americans.

Most people in the country do not agree with this proposal. Some Americans have even suggested that it violates 4th Amendment rights protecting citizens against unreasonable seizures and searches.

What do you think about banks and financial institutions pushing back against this latest proposal from the president? Give us your insight below in the comments section.