HARRISBURG— The state Senate Banking and Insurance Committee, chaired by Sen. John DiSanto (Dauphin/Perry), voted today to urge Congress to oppose a plan by the Biden Administration to gain access to the bank account information of citizens.
“This was a reckless idea from the beginning, and the Biden administration’s excuse that they wanted to look into the bank accounts of almost all Americans in order to target tax cheats was simply not believable,” DiSanto said. “This was a dangerous idea and remains so. Congress must stop it in its tracks.”
The Biden administration originally planned to direct the IRS to collect additional data on every bank account that sees more than $600 in annual transactions. Following widespread criticism, the plan was altered to cover deposits and withdrawals from bank accounts with more than $10,000 in non-payroll income, but this still imposes an unprecedented invasion of privacy by the IRS as the average American has annual transactions of more than $60,000 per year.
The committee passed Senate Resolution 195 by a vote of 9-5 with all Democratic members voting against the resolution. The Biden proposal is currently included in a multi-trillion-dollar spending package Congress and the White House have been negotiating for months.
The committee also passed:
- Senate Bill 676 increasing for the first time in 47 years the minimum amount of auto insurance required for drivers to $25,000 for bodily injury and $10,000 for property damage. The amended bill also reforms “stacking,” a confusing option motorists face when purchasing auto insurance.
“The current, default stacking of coverage is poorly understood by consumers, arbitrary and imprecise, with a waiver process that is fraught with uncertainty and litigation,” DiSanto said. “This legislation provides easily understandable policies and choices that fulfill the needs of consumers.”
- House Bill 1588 allowing remote mortgage origination to continue. Under current law, mortgage brokers are required to work out of a licensed location. However, during the pandemic, emergency orders waived the requirement to work from a licensed location to conduct business.
The measures now go to the full Senate for consideration.
CONTACT: Chuck Erdman cerdman@pasen.gov 717-787-6801