The PA State House and Senate introduced H.R. 150 and S.R. 195 last week asking Congress to oppose the U.S. Treasury’s proposed changes to IRS requirements.
The proposal would require financial institutions to report aggregate deposit and withdrawals information of customers’ business and personal accounts to the IRS without their consent. The reporting requirements would apply to personal or business savings, transactional, loan and investment accounts.
In memos to the House Commerce Committee and the Senate Banking & Insurance Committee, the PA Chamber supported the resolutions opposing the proposal because it presents extreme privacy rights issues and data security concerns for millions of Pennsylvania citizens and businesses.
In September, the PA Chamber signed on to a joint stakeholders’ letter to the Pennsylvania Congressional Delegation, urging them to oppose the reporting proposal.
In addition to the Republican members of the delegation, the PA Chamber acknowledges the support of U.S. Rep. Chrissy Houlahan (D-PA) who ultimately signed onto a letter with 20 other Democratic members of Congress urging the administration to withdraw its controversial proposal.