As Congress considers critical new infrastructure spending, policymakers are eying unconventional sources of revenue to fund their plans. One proposal under consideration would require credit unions and other financial institutions to report to the Internal Revenue Service (IRS) how much money has gone into and out of accounts holding more than $600. This raises several alarms within the Financial institution community. The proposal was not in the original House Ways and Means Committee-passed bill but has been added to the final reconciliation bill that is due to go to the House of Representatives.
Nearly 500,000 messages have already been sent to Capitol Hill in disapproval of this provision. Should you feel moved to do so, please consider clicking the link below and writing your local Congressman/Representative and letting them know you do not want this to happen. Thank you.