The Michigan House of Representatives today approved a resolution introduced by state Rep. Diana Farrington, of Utica, urging the U.S. Congress to reject a proposal to allow the Internal Revenue Service (IRS) to monitor bank accounts of private citizens.
“This misguided proposal would give the IRS expanded access to the vast majority of personal financial accounts,” said Farrington, who chairs the House Committee on Financial Services. “Not only does this proposal raise serious concerns for working families’ privacy, but it would also tie up banks and credit unions with even more red tape. Congress must stand strongly against this vast overreach.”
The U.S. Department of Treasury has proposed increased monitoring of accounts that contain as little as $600 during a year or whose yearly transactions totaled at least the same amount. For these accounts, financial institutions would be required to inform the IRS the total inflows and outflows during the year, denoting totals for cash, foreign account transactions, and transfers between accounts held by the same owner.
The resolution notes that “Financial institutions throughout our state and country are already subject to many burdensome regulations that increase costs, damage customer relations, and otherwise hurt these businesses.”
With overwhelming bipartisan support, the Michigan House of Representatives today approved state Rep. Diana Farrington’s plan to teach Michigan students how to manage their personal finances.
State Rep. Diana Farrington, chair of the House Financial Services Committee, today celebrated Michigan students who will learn critical knowledge and skills in a personal finance course that will be required across the state under her plan that was signed into law this afternoon.
Rep. Farrington talks about final House passage Tuesday of her HB Bill 5190, which would require public high school graduates to complete a half-credit course in personal finance. At the discretion of the school board, the personal finance requirement could fulfill a half credit of the four-credit mathematics requirement, the two-credit language other than English […]