This letter is primarily addressed to all voters. This is Senate Bill 910, known as the Safe and Fair Banking Act (SAFE). This bill may or may not be activated by Congress.
Senator Jeff Markey of Oregon introduced the SAFE Banking Act on March 23, 2021. The use of the word “safe” with this bill is grossly inappropriate. Illinois Senator Tammy Duckworth is pushing for this bill. I imagine Senator Dick Durbin does the same.
The bill states that all community banks and other financial institutions would be required to report deposits and withdrawals from all business and personal accounts with a balance of $ 600 or more to the IRS, regardless of tax payable. . It appears that some members of Congress, including Senator Duckworth, are keen to make the banking industry a snoop of the FBI and IRS.
It will be a huge ordeal for any bank or financial institution. How many banks or financial institutions will be forced to cut many of their current services to customers? Hopefully none will have to close!
The next time you send someone a financial gift, you and your recipient can report it to the IRS. How many people will consider withdrawing their funds from the bank, or actually do? This would create huge opportunities for thefts from law-abiding citizens.
This bill stinks of something designed by a totalitarian government to control its citizens. Freedom loving citizens should not take this bill lightly. Supporters of the bill need to get voters to vote against them, as we should for all those who advance such anti-democratic, anti-American and totalitarian nonsense.