PHOENIX, AZ – Arizona Treasurer Kimberly Yee and Arizona Credit Unions Oppose Proposal Requiring Financial Institutions to Provide Internal Revenue Service (IRS) with Citizens’ Personal Account Information if Account Exceeds $ 600 in deposits or withdrawals. In one letter, they urged Senator Kyrsten Sinema and Senator Mark Kelly to oppose the consideration of this measure in Congress as part of the $ 3.5 trillion budget reconciliation bill. This proposal would threaten the financial security of more than 100 million Americans by all demographics.
“Being forced to hand over your household or small business financial records to government as a law-abiding citizen is as intrusive as it gets. Kimberly Yee, Arizona Treasurer. “As Arizona’s director of banking and investments, I cannot remain silent as Arizonan’s sensitive financial data is threatened by unprecedented government surveillance. “
“There is just no scenario in which this is a good idea for members of credit unions, or clients of a financial institution for that matter,” said Scott Earl, President and CEO of the Mountain West Credit Union Association. “Between the risk of data privacy exposure, and the significant resources and associated costs that would be required to comply with this measure, it’s a bad idea all around.
The letter says, “As state treasurer and credit unions in Arizona, we join the many voices and groups across the country who strongly oppose this intrusive proposal. Congress should not endorse the IRS. to gain access to Arizona’s law-abiding personal financial transactions, in a blatant attempt to unnecessarily tax them.