HARRISBURG –The House Commerce Committee today passed Rep. Rob Mercuri’s (R-Allegheny) House Resolution 150
strongly condemning a proposal by the Biden Administration that would require financial institutions to report accounts and transactions that exceed $600 to the Internal Revenue Service (IRS).
“The proposal by this administration, in particular the Treasury Department, would basically put the federal government’s hands into everyone’s pockets,” Mercuri said. “What we have heard loud and clear from many constituents is that this is government overreach.”
On Oct. 8, Rep. Mercuri sent a letter, signed by 51 of his colleagues, to the Pennsylvania congressional delegation urging opposition. Eleven days later, Democrats began switching gears. According to the Wall Street Journal, Democrats are now looking to increase the threshold
from $600 to $10,000.
Regardless, Mercuri said this proposal would create compounding issues for financial institutions and consumers.
“This ill-advised proposal is filled with many unintended consequences for our constituents and financial institutions, including security risks,” Mercuri said. “So much already has to be reported and adding this mandate would create compliance issues.”
To view Rep. Mercuri’s remarks, click the link here
The bill heads to the House of Representatives for consideration.
Representative Robert Mercuri
28th Legislative District
Pennsylvania House of Representatives
Media Contact: Nate Temple