Bill Text: MI SR0085 | 2021-2022 | 101st Legislature | Enrolled
Bill Title: A resolution to urge the United States Congress to oppose unnecessary and harmful changes to Internal Revenue Service reporting requirements for Michigan’s financial institutions.
Spectrum: Partisan Bill (Republican 20-0)
Status: (Passed) 2021-10-19 - Adopted [SR0085 Detail]
Download: Michigan-2021-SR0085-Enrolled.html
senate resolution no.85
Senators Daley, Barrett, Bumstead, Victory, Bizon, Outman, Lauwers, McBroom, Runestad, Horn, Theis, Johnson, Stamas, Nesbitt, VanderWall, Shirkey, LaSata, MacDonald, Zorn and Schmidt offered the following resolution:
Whereas, The U.S. Department of Treasury has proposed requiring financial institutions to report financial account information for accounts with a gross flow threshold or fair market value of $600 or more. The proposal calls for financial institutions to report gross inflows and outflows with a breakdown for physical cash, transactions with foreign accounts, and transfers to and from another account with the same owner. It would apply to business and personal accounts, including bank, loan, and investment accounts at those financial institutions subject to the proposed requirement; and
Whereas, There are very real concerns over data privacy and security if this proposed Internal Revenue Service reporting requirement, or a similar requirement, is put in place. Keeping member and customer account information private and secure is among the primary goals of all financial institutions in Michigan and this proposal could jeopardize the security of accounts and personal information. As we have seen, numerous government data breaches have occurred in recent years. Moreover, the proposal constitutes an invasion of consumer privacy; and
Whereas, 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. The adoption of this extensive and intrusive financial reporting proposal would deepen that burden for Michigan’s community-based and other financial institutions; now, therefore, be it
Resolved by the Senate, That we urge the United States Congress to oppose unnecessary and harmful changes to Internal Revenue Service reporting requirements for Michigan’s financial institutions; and be it further
Resolved, That copies of this resolution be transmitted to the Speaker of the United States House of Representatives, the President of the United States Senate, the members of the Michigan congressional delegation, and the chairs of the United States Senate Committee on Finance and United States House Committee on Ways and Means.
