Ga. bankers, Chamber decry Biden plan to share bank balances
ALBANY, Ga. (WALB) - On Thursday, the Georgia Bankers Association (GBA) and the Georgia Chamber went public with a position squarely in opposition to a plan to inform the federal government of almost everyone’s bank balance.
The GBA and Chamber said the Biden Administration is pushing a proposal that would require banks and financial service providers to report all banking transactions, personal or business, for every account that has at least a $600 balance or does $50 in transactions per month, or $600 annually.
This rule, the GBA and Chamber said, would encompass every Georgian with a job or business and would be an infringement on personal and business privacy without any grounds for suspecting tax fraud.
“This wrongheaded proposal violates the privacy of almost every American in the name of catching wealthy tax cheats,” said Joe Brannen, president and CEO of the Georgia Bankers Association. “Consumers, small business owners and families should rightly be concerned that their personal financial information will be turned over to the IRS with no assurance their data will be protected from cybercriminals or restricted to this one idea. This costly and intrusive proposal is loaded with harmful potential, and we urge all Georgia citizens to join us in opposing it.”
They said the rule’s in addition to the “violation of personal privacy, the proposal is also a threat to personal and business data security and a massive increase in regulatory burden and cost for Georgia’s banks.”
“This blatant overreach by the government would place an incredible burden on our state’s banking institutions and the small businesses that make up 99% of Georgia’s business community. It undermines the privacy of everyday Georgians and simply outweighs any hypothetical, unproven gains,” said Chris Clark, Georgia Chamber president and CEO.
The proposal is part of the Biden administration’s tax compliance agenda of the Americans Family Plan and is being included in the $3.5 trillion budget reconciliation package, which is currently in negotiation with Congress.
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