State Treasurer Curtis Loftis opposes reporting personal bank account details to the Internal Revenue Service.

He and 22 other state financial officers oppose a Biden administration proposal to violate the privacy of accounts exceeding $600 in deposits.

“The overreaching federal government has no business peering into the personal financial accounts of law-abiding Americans,” the West Columbia resident said.

“The proposal would empower the IRS to act as Big Brother.

“Not only would the proposal invade the privacy of everyday citizens, it would also burden financial institutions – including small, local banks and credit unions – with the role of being an accessory to the IRS’ unnecessary data mining, potentially harming the trust and good relationships these organizations have built with their customers and communities.

“As the state’s banker and chairman of the State Board of Financial institutions, I condemn it.”

The Biden proposal is part of the American Families Plan.

It will make financial institutions report inflows and outflows for bank, loan and investment accounts of American citizens and businesses.

This would affect more than 100 million Americans’ financial accounts.

Many banks and credit unions oppose this “intrusive action,” a letter from the 23 financial officers stated.

“We urge you to consider the negative impacts this initiative would have on individuals and small businesses in all of our communities, along with the negative impact on local financial institutions.”