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U.S. House of Representatives Committee on Financial Services

10/27/2021 | Press release | Distributed by Public on 10/27/2021 11:14

McHenry, Luetkemeyer Call for Hearing on Democrats’ Outrageous IRS Reporting Proposal

McHenry, Luetkemeyer Call for Hearing on Democrats' Outrageous IRS Reporting Proposal


Washington, October 27, 2021 -

Today, Congressman Patrick McHenry (NC-10), Ranking Member of the House Financial Services Committee, and Congressman Blaine Luetkemeyer (MO-03), Ranking Member of the Consumer Protection & Financial Institutions Subcommittee, sent a letter to Chairwoman Maxine Waters regarding the urgent need to hold a hearing on Democrats' IRS reporting requirement proposal. This proposal would affect financial institutions, small businesses and the financial privacy of households across the country. Excerpts and the link to the full letter can be found below.
"…Congress has yet to discuss any of these proposals or examine the impact they will have on financial institutions, consumer privacy, and access to credit. In fact, neither members of Congress nor the American people have yet to see legislative text of any of the above-mentioned proposals, further decreasing the transparency of this process.
"It is completely irresponsible to propose and introduce legislation that would impact the financial data and privacy of millions of Americans and burden thousands of small businesses and financial institutions without holding a hearing in Congress. Forcing this proposal or variations of it through Congress in order to pay for a radical agenda without any input from members is reckless."
The full letter can be found HERE.
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