Prohibiting IRS Financial Surveillance Act

Hozzl · 2023-12-15T20:26:12Z

Explore the details of Senate Bill 453 Prohibiting IRS Financial Surveillance Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

12/15/2023, 8:26 PM

Summary of Bill S 453

Bill 118 s 453, also known as the Prohibiting IRS Financial Surveillance Act, is a piece of legislation introduced in the US Congress. The main purpose of this bill is to prohibit the Internal Revenue Service (IRS) from conducting any form of financial surveillance on American citizens without their consent.

The bill aims to protect the privacy and rights of individuals by preventing the IRS from accessing their financial information without proper authorization. This includes prohibiting the IRS from monitoring bank accounts, credit card transactions, and other financial records without a valid reason or court order.

Supporters of the bill argue that it is necessary to prevent government overreach and protect the Fourth Amendment rights of citizens. They believe that individuals should have the right to privacy when it comes to their financial information and that the IRS should not have unlimited access to this data. Opponents of the bill, however, argue that it could hinder the IRS's ability to investigate tax fraud and other financial crimes. They believe that the IRS needs access to financial information in order to effectively enforce tax laws and ensure compliance. Overall, Bill 118 s 453 is a controversial piece of legislation that raises important questions about the balance between privacy rights and government oversight. It will be interesting to see how this bill progresses through Congress and what impact it may have on the IRS's ability to conduct financial surveillance in the future.

Congressional Summary of S 453

Prohibiting IRS Financial Surveillance Act

This bill prohibits the Department of the Treasury from requiring a financial institution to report on an account's balance, transactions, transfers, or similar information. This prohibition does not apply to laws or regulations in effect on the date of enactment.

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Current Status of Bill S 453

Bill S 453 is currently in the status of Bill Introduced since February 15, 2023. Bill S 453 was introduced during Congress 118 and was introduced to the Senate on February 15, 2023. Bill S 453's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of February 15, 2023

Bipartisan Support of Bill S 453

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 453

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill S 453

Prohibiting IRS Financial Surveillance ActProhibiting IRS Financial Surveillance ActA bill to prohibit the implementation of new requirements to report bank account deposits and withdrawals.

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