CHARLESTON – The West Virginia Attorney General has joined a coalition of 19 state attorneys general in writing a letter to President Joe Biden and Treasury Secretary Janet Yellen, expressing his opposition to a plan by the Biden administration to provide the federal government has access to almost all US bank accounts. and information on financial transactions.
Attorneys General noted in their letter that this “invasive policy” will require all banks, credit unions and financial institutions to report information to the Internal Revenue Service on every bank account with a balance of at least $ 600 and exceeds $ 600 a year in transactions, according to a statement released Monday by the West Virginia attorney general’s office.
“As chief legal officers of our states, we find this proposal totally unacceptable and we oppose any such requirement,” said Attorney General Patrick Morrisey. “It’s too heavy at best and illegal at worst. As such, we ask that you cancel this proposal immediately.
In the letter, the attorneys general argued that banks across the country will need to transform the way they do business in order to comply with the proposed reporting requirements, including investing significant sums in data collection and reporting. other systems.
The letter says consumers will be punished in a number of ways, as banks would likely pass on the costs in the form of fees or higher interest rates, according to the attorney general’s office. The plan would also require centralized storage of sensitive information that would provide cybercriminals with an additional target to mine information about nearly all Americans.
The coalition argued in the letter that whether the administration’s goal is to arrest financial criminals or punish those who evade tax, they will gladly join in finding the right solutions based on the state of law. Violating the rights of virtually all Americans with a bank account is not the solution, however, according to the attorney general’s office.
In addition to West Virginia, the coalition includes the attorneys general of Alabama, Alaska, Arkansas, Florida, Georgia, Idaho, Kansas, Kentucky, Louisiana, from Mississippi, Missouri, Montana, Nebraska, New Hampshire, Ohio, Oklahoma, South Carolina and Texas. and Utah.
Contact Greg Jordan at [email protected]