HARRISBURG – Rep. Rob Mercuri (R-Allegheny) announced today House Resolution 150
, which strongly condemns 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), passed the House of Representatives.
“Imagine a world where there is more government involvement to the point where it dips its hands into everyone’s pockets,” Mercuri said. “Why should the government be able to view your transactions on things such as student loans, mortgages or car payments?”
Mercuri noted security breaches would become prevalent with the latest proposal requirements.
“So much already has to be reported and adding this mandate would create compliance issues,” 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, the administration began switching gears by increasing the threshold from $600 to $10,000.
“Regardless of the threshold amount, the government needs to stay out of the bank accounts of private citizens,” Mercuri said. “This plan serves no substantial, satisfactory purpose other than to invade and further involve government in our lives. House Resolution 150 enables us to stand our ground against this unnecessary, misguided proposal.”
Representative Robert Mercuri
28th Legislative District
Pennsylvania House of Representatives