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Senate Insurance & Commerce committee backs resolution urging consumer banking privacy, criticizes "Indirect Reconciliation Act"
Summary
A senate committee approved a resolution supporting stronger consumer privacy protections in banking and criticizing the proposed Indirect Reconciliation Act; sponsor Senator Blake Johnson said the bill would require banks to report small-dollar account movements to the IRS. The measure passed by voice vote and will go to the Senate floor.
The Senate Insurance & Commerce committee approved a resolution urging stronger consumer-privacy protections for bank customers and criticizing the proposed Indirect Reconciliation Act, the sponsor told the panel.
Senator Blake Johnson introduced the resolution, saying it sought protections "especially in the banking industry." Johnson told the committee that, as he described the proposal, "if you've had $600 worth of movement in your account,…
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