Parson denounces proposed rule requiring banks to report all transactions over $600

Some Biden administration officials continue to push for Congress to require banks to report yearly inflows and outflows from bank accounts with at least $600 or at least $600 worth of transactions.

However, many republicans across the country oppose this idea, including Missouri Governor Mike Parson.

“As if inflation-inducing, out-of-control federal spending hasn’t taken a large enough toll on Missourians’ wallets, we are now hearing that the Biden Administration wants to get its hands on every personal financial transaction over $600,” Parson tweeted. “My Administration strongly opposes this federal intrusion into the private lives of Missouri families.”

The New York Post reports Treasury Secretary Janet Yellen is defending the proposal that would require banks to report data to the Internal Revenue Service, calling the collection of information “routine,” after taking heat for the idea that is widely seen as an unprecedented invasion of privacy.

“Only the Biden Adminstration could employ this type of backward logic that only serves to punish hard-working Missourians,” concluded Parson.