Here’s what happened…
Amid testimony before the Senate Banking Committee, Republican Senator Cynthia Lummis, Wyo., tore into Biden’s Treasury Secretary Janet Yellen for trying to make the IRS monitor the transactions of all Americans that are $600 or greater.
In transcript provided by Newsmax, Lummis tore into the Biden administration saying, “My constituents cannot believe that you support a proposal to require banks and credit unions to report customer data to the Internal Revenue Service for transactions of $600 or more.”
Adding, “There are obvious privacy concerns for all Americans here and this represents a dramatic new regulatory burden for community banks and credit unions in Wyoming and elsewhere. Our banks will have to hire contractors to rat on their customers, implement new computer software, [and] deploy resources better used elsewhere in order to collect data for the government.”
Lummis then went on to claim that banks do not work for the IRS and warned these actions purposed by the Biden Administration is an extreme invasion of privacy.
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