HARRISBURG – The Senate Banking and Insurance Committee advanced a measure today that would call on U.S. Congress to oppose any effort by the Internal Revenue Service (IRS) and the Biden Administration from looking into private financial banking transactions. Senators Kristin Phillips-Hill (R-York) and Camera Bartolotta (R-Beaver/Washington/Greene) authored the resolution after hearing from constituents who were concerned when the plan by the federal government was first introduced earlier this month. The initial plan would have allowed the IRS to monitor all withdraws and deposits exceeding $600. The latest iteration of the plan increased the threshold to $10,000. Phillips-Hill argued that regardless of the threshold, the average American has inflows and outflows of more than $61,000. In 2015, the IRS had more than 700,000 taxpayer accounts compromised in a hack that led to the release of Social Security numbers, dates of birth and tax filing status. Bartolotta warned that if the federal government goes down the path of examining banking transactions, many consumers could be pushed out of licensed and insured financial institutions. The resolution advances to the full Senate for further consideration.

SEN. KRISTIN PHILLIPS-HILL

SEN. CAMERA BARTOLOTTA