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1
HOUSE RESOLUTION

 
2    WHEREAS, Advocates are constantly looking to extract more
3money from working U.S. men and women to spend on what they
4consider to be good causes; and
 
5    WHEREAS, A proposal, currently moving rapidly through the
6U.S. Congress, would direct U.S. financial institutions to
7open virtually all of their customers' account books and
8papers to the federal Internal Revenue Service (IRS); and
 
9    WHEREAS, This proposal would subject all transactions over
10$600 to federal IRS investigation and scrutiny; and
 
11    WHEREAS, Although this proposal is being sold to
12supporters as a weapon against alleged "tax evasion," it would
13also open the books of the great majority of American
14households, on a month-by-month basis, to federal
15investigators; and
 
16    WHEREAS, The great majority of American households who
17have mortgaged a home or who pay rent on a home participate in
18monthly transactions of more than $600; and
 
19    WHEREAS, The great majority of American households who
20have and use credit cards participate in monthly transactions

 

 

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1of more than $600; and
 
2    WHEREAS, The great majority of working Americans who work
3for pay have their pay deposited in accounts held in financial
4institutions, and whenever a deposited pay stub would be
5greater than $600, the transaction would be open to federal
6investigation and scrutiny; and
 
7    WHEREAS, Enacting a financial institution open-books law
8with a transaction trigger of $600 will virtually end the
9financial privacy of the American people; and
 
10    WHEREAS, Every American who values their financial
11standing and privacy must stand in total opposition to this
12misguided proposal, and this opposition is urgently needed
13because this privacy can never be recovered once it is gone;
14therefore, be it
 
15    RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE ONE
16HUNDRED SECOND GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that
17we totally and urgently oppose the $600 transaction financial
18inspection and reporting proposal being considered in the
19United States Congress as of October 2021; and be it further
 
20    RESOLVED, That suitable copies of this resolution be
21delivered to members of the Illinois Congressional delegation.