As part of President Biden’s economic spending bill, he proposed that every financial institution would have to report every transaction for any account of $600 or more. Obviously, this is a massive invasion of privacy (and likely a violation of the Constitution, as an unreasonable search and seizure). The government should not be in people’s bank accounts. Even if they are trying to catch tax evaders, to go down to $600 balance or a $600 transaction, that would include almost every person in the country.
Sen. Joe Manchin (D-WV), in an interview at the Economic Club, said that he had personally spoken to President Biden about the issue and invasion of privacy that would be and said that the President told him it would be taken out of any final bill. Hopefully, that is the case. Thank you Sen. Manchin.