As Washington debates a $ 3.5 trillion federal spending bill, voters in Montana and across the country increasingly oppose a provision requiring banks to report their account information. clients at the Internal Revenue Service.
The Independent Community Bankers of America released a poll that shows 67% of voters oppose the plan. The groups also reported that consumers used its Consumer Alert platform to send nearly 400,000 opposition messages to Congress.
The survey found that most consumers do not trust the IRS to protect their financial information from data breaches and do not believe that this information is the business of the government. There are also fears that the plan may divert more Americans from banking and to predatory lenders, reversing bipartisan efforts to reduce the unbanked population.
As policymakers strive to pass the spending bill by simple majority using congressional reconciliation rules, Montana Sens. Jon Tester and Steve Daines and Rep. Matthew Rosendale have a lot of power to stop this misguided proposal.
Policymakers should listen to their constituents and find alternatives to indiscriminately collecting information from virtually all U.S. taxpayers, such as ensuring that the IRS makes better use of the data it already has.
Pete Johnson, President / CEO