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S. 3056: Prohibiting IRS Financial Surveillance Act

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About the bill

That could buy you 600 items from the McDonald’s dollar menu.

Context

To detect money laundering and other crimes, federal regulations mandate that banks report certain financial information to the government. For example, under the Bank Secrecy Act, banks must report cash transactions above $10,000. The rationale is that such thresholds are sufficiently high that they’re unlikely to ensnare middle-income or lower-income individuals or businesses.

But a new proposal from the Joe Biden Administration, with a far lower threshold than $10,000, has worried many. A proposed rule would require banks to provide the Internal Revenue Service (IRS) information about customer accounts with annual withdrawals or deposits above $600. More than 100 million household accounts and millions of business accounts would be affected.

Under the current version of the proposal, …

Sponsor and status

Tim Scott

Sponsor. Junior Senator for South Carolina. Republican.

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Last Updated: Oct 21, 2021
Length: 2 pages
Introduced
Oct 21, 2021
117th Congress (2021–2023)
Status

Introduced on Oct 21, 2021

This bill is in the first stage of the legislative process. It was introduced into Congress on October 21, 2021. It will typically be considered by committee next before it is possibly sent on to the House or Senate as a whole.

Other activity may have occurred on another bill with identical or similar provisions.

Cosponsors

49 Cosponsors (49 Republicans)

Prognosis
1% chance of being enacted according to Skopos Labs (details)
Source

History

Oct 21, 2021
 
Introduced

Bills and resolutions are referred to committees which debate the bill before possibly sending it on to the whole chamber.

If this bill has further action, the following steps may occur next:
 
Passed Committee

 
Passed Senate

 
Passed House

 
Signed by the President

S. 3056 is a bill in the United States Congress.

A bill must be passed by both the House and Senate in identical form and then be signed by the President to become law.

Bills numbers restart every two years. That means there are other bills with the number S. 3056. This is the one from the 117th Congress.

How to cite this information.

We recommend the following MLA-formatted citation when using the information you see here in academic work:

“S. 3056 — 117th Congress: Prohibiting IRS Financial Surveillance Act.” www.GovTrack.us. 2021. December 6, 2021 <https://www.govtrack.us/congress/bills/117/s3056>

Where is this information from?

GovTrack automatically collects legislative information from a variety of governmental and non-governmental sources. This page is sourced primarily from Congress.gov, the official portal of the United States Congress. Congress.gov is generally updated one day after events occur, and so legislative activity shown here may be one day behind. Data via the congress project.