Florida bankers in uproar over Biden plan
To keep up with the latest local news subscribe to our TV20 newsletter HERE and receive news straight to your email every morning.
TALLAHASSEE/CAP NEWS, Fla. (WCJB) - Tuesday was “National Savings Day”, a day when spending less and saving more is emphasized.
But a proposal by the Biden Administration to snoop on your bank account could result in less savings and fewer people using banks.
Under the plan being pushed by the White House, banks would be required to share your account information including what went in, what came out and where it went.
The information would be reported regularly.
It would also track transactions of $600 or more.
“You’ll encourage more underground economy,” said Florida Chief Financial Officer Jimmy Patronis.
Nearly two dozen state financial officers have written to say it’s a bad idea.
Patronis is one of the signers.
“At the end of the day, I don’t think having Uncle Sam sitting in my bedroom, finding out what I’ve purchased over the last thirty days is any of their business,” said Patronis.
Florida bankers have begun an uproar.
Florida Bankers Association President Alex Sanchez called the plan expensive and disruptive.
“It’s just wrong. It’s an incredible invasion of privacy by the Biden Administration, by the Internal Revenue Service,” said Sanchez.
We did talk to three Democrat State legislators.
All were unaware of the plan.
Only one would go on the record.
“There is a reason why we need to have a strong government, to have this kind of oversight, to make sure that folks are held accountable when they are not paying their taxes,” said State Representative Carlos Guillermo Smith.
The bankers did tell us they are making headway with moderate Democrats in DC, but they worry customers will lose trust if banks are forced to provide the info.
“And I think what the Biden Administration should do is go after the high-income tax evaders that are either persons or corporations and audit them,” said Sanchez.
The motivation to catch tax cheats is seen by most as a good thing, but the plan is also likely to be costly for average Americans who get audited over otherwise innocent transactions.
Florida CFO Patronis also told us he has directed the Department of Financial Services to try and find a way to exempt state residents from the plan if it becomes law.
Copyright 2021 WCJB. All rights reserved. Click here to subscribe to our newsletter.