Friend,
The Protecting Financial Privacy Act
Yesterday, I introduced the Protecting Financial Privacy Act. Democrats are trying to include a provision in the reconciliation package that would require financial institutions to report transactions of $600 or more from Americans’ bank accounts to the IRS. This is an extreme invasion of privacy--the IRS doesn't need access to Americans' most basic personal information. Iowans don’t want the IRS to monitor when they pay their rent or utilities, or just make a big grocery store run.
Forcing financial institutions to turn over Americans' transactions of $600 or more would compromise individual privacy, shut down community financial institutions, and ultimately reduce Iowans' access to credit. My Protecting Financial Privacy Act would block this reporting requirement and safeguard taxpayers from government snooping.
Back to Work Act
I also introduced the Back to Work Act, legislation that would put the brakes on a recent proposal introduced by Rep. Alexandria Ocasio-Cortez to extend federal unemployment benefits into 2022. With 10.9 million open jobs nationwide, record high prices as a result of massive overspending, and COVID-19 vaccines widely available, there is no good reason to spend more taxpayer dollars to pay people to stay home instead of going to work.
Federal unemployment programs were put together quickly during the pandemic to ensure that those who had lost their jobs could provide for their families, and I supported this targeted and temporary relief. Unfortunately, these programs were susceptible to abuse and exploited by bad actors in reportedly the largest fraud ever perpetrated against the U.S. According to an NBC news investigation, anywhere between $87 billion to $400 billion was stolen. Continuing these benefits without taking any steps to address rampant fraud is blatantly disrespectful to the taxpayers expected to fund this program and makes absolutely no sense.
We don't need policies that disincentivize work, drag down the economy, and make the pandemic lifestyle permanent.
Read on below for more information on this week in Washington!
Best,