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Sen. Micheal Bergstrom, R-Adair, filed Senate Concurrent Resolution 13 Thursday, urging Congress to protect consumers from harmful Internal Revenue Service (IRS) rules, such as burdensome reporting requirements for financial institutions.
The resolution is a response to the Biden administration’s push to have the IRS monitor all U.S. bank transactions over $600.
“Recent IRS rules proposals from Biden and his administration are another example of federal overreach and a bureaucracy that is going mad with power,” Bergstrom said. “How American citizens – how Oklahoma citizens – decide to spend their money is their business, not Uncle Sam's. It’s imperative that state legislatures stand up to this type of federal action and push back against any proposal that undermines the security and/or privacy of our citizens.”
Rep. Mark Lepak, R-Claremore, is the House author for the resolution.
“The Biden administration’s proposed IRS rules increase the regulatory burdens on our local banks and credit unions, but more importantly, seek to further intrude into our private lives by examining everyday transactions and increasing the chances of a security breach exposing personal information," Lepak said. "Why does the IRS need to know that you bought a new television, had a huge grocery bill ahead of a family gathering or that you like your house cool in August and had a large electricity bill that month? Our citizens know where this will eventually lead. This is another federal overreach in an attempt to 'supervise' how we lead our private lives. Oklahomans have had enough, and we are pushing back."
The resolution will be eligible to be heard during he Second Session of the 58th Legislature, which will convene on Monday, Feb. 7 at noon.