One key provision of President Joe Biden's Build Back Better plan is causing confusion amid a sustained lobbying campaign from banks both big and small — and a big signal-boost from right-wing media personalities.
A flurry of headlines about a proposed Internal Revenue Service reporting requirement for banks, which would require financial institutions to report net annual inflows and outflows on accounts with more than $600 — or that same amount in transactions — seem to be based on the false premise that the Biden Administration would be "snooping" or "monitoring" individuals' finances, or otherwise tracking all transactions a person makes.
"Fury as Biden tries to let IRS SNOOP on your bank accounts," one headline from the Daily Mail reads.
A number of viral posts on social media, many from prominent conservative pundits, seem to hold this misconception as well.
"The Biden Administration is attempting to empower the IRS to monitor every single withdrawal, deposit, and transaction you make from your personal banking accounts," the right-wing commentator Candace Owens wrote on Twitter this week.
"If you have $600 or more, the bank will have to report ALL your banking info to the IRS! #governmentcontrol #bidenadministration #communistusa" one post on TikTok reads.
Another widely-shared Facebook post shared by a community bank in Oklahoma and flagged by Snopes this week even called the provision an "unprecedented invasion of privacy." The fact-checking service rated the...
Read Full Story: https://www.salon.com/2021/09/16/how-the-banking-industry-is-using-social-media-to-bidens-efforts-to-the-rich/
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