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Democrats Want to Spy on Your Bank Account. Ernst Says No Way.

Ernst pushes to block Democrats’ scheme giving the IRS access to millions of Americans’ financial information

WASHINGTON—As President Biden and Washington Democrats attempt sweeping policies authorizing the Internal Revenue Service (IRS) to spy on millions of Americans’ bank accounts, U.S. Senator Joni Ernst (R-Iowa) and Senate Republicans are pushing back. Ernst is backing the Prohibiting IRS Financial Surveillance Act, a measure prohibiting the IRS from implementing any form of the Biden Administration’s aggressive, invasive bank surveillance regime.
“With inflation skyrocketing and energy and home heating costs on the rise, what are Washington Democrats focused on? Spying on your bank account,” said Senator Joni Ernst. “This is big government; it’s a privacy issue; and it’s one more example of the socialist agenda that Joe Biden, Bernie Sanders, and the Democratic Party want to force on America. We need to put a stop to this invasive policy before it even happens, and that’s exactly what this bill will do.”
Under the current Biden and Democratic Party proposal, the IRS would be given access to Americans’ ?nancial information by requiring ?nancial institutions to report to the IRS each and every withdrawal and deposit that total at least $10,000. The Prohibiting IRS Financial Surveillance Act, introduced by Senator Tim Scott (R-S.C), prevents this by blocking any new reporting requirements on banks to disclose information on individuals’ private bank account deposits or withdrawal activity.
This week, Ernst took Democrats to task for their effort to spy on Americans’ bank accounts, noting that they should instead be focused on tackling the rampant inflation and rising energy costs that are hitting everyday Americans’ pocketbooks. She also took to the Senate Floor to slam the Biden Administration’s failed policies and proposals that are making life more challenging for Americans, using the board game LIFE to lay out the cards and describe how “life is spinning out of control in Biden’s America.”