Government Watch / Opinion / Politics

OPINION: I’ll Show You Mine If You Show Me Yours: If They Can Look Into My Bank Account, I Should Be Able To See Their Accounts

bank

WASHINGTON, DC, Oct 20 — How about we pass a law that requires each and every elected official, and the members of their immediate families, to publicly disclose any and all financial transactions of $600 and above to the public? And, if you’re reading this, Mr. Biden and, you too, Ms. Nancy Pelosi, it’s called quid pro quo. You want to see every bank deposit and/or withdrawal I make in the amount of $600 or more; it’s only fair that you show me yours. 

The repercussions to the plan to scrutinize all of our bank accounts were so loud and so persistent that they revised the plan. Instead of giving the government the right to peak into everybody’s bank account — no matter how little your account — they now say they’ll replace it with somewhat different terms.  According to the New York Times, “banks would be required to provide data on accounts only with total annual deposits or withdrawals worth more than $10,000, rather than the $600 threshold that was initially proposed. The reporting requirement would not apply to payroll deposits for wage and salary earners or to beneficiaries of federal programs such as Social Security. 

Note that there still will be demanding to see your banking info, but this time they’re settling for “total annual deposits or withdrawals worth more than $10,000.”  It’s not much of a difference.

That word game didn’t get by Senator John Kennedy, Republican of Louisiana [R-LA], who pointed out to reporters: “Whether it’s $600 or $10,000, under this proposal, the intimate financial details of everyone in this room — at a minimum, of every American who has a job — will be turned over on a daily basis to the I.R.S.”

By the way, how did they come up with the amount of $600 in the first place?  They said they were going to raise their $3.5 trillion from all those rich guys and gals and leave all of us unwashed masses alone.  They tried to have us think that they were proposing to care for the proletariat [that’s what they and their fellow travelers call us, isn’t it], from the cradle to the grave.  So why do you need to know every time somebody makes a deposit of $600 to pay my car insurance premium or to cover a check I wrote to pay for a bicycle someone buys for a granddaughter?

If they’re after the big spenders, why aren’t they satisfied that the law already requires banks to report any deposits of $10,000 or more? 

Most Americans are confused and angry that their government would want to intrude into their lives that way.  Check out the new Rasmussen survey.  It shows that the vast majority of citizens are teed off that the government would want to do this.  Oh, and by the way, the survey shows that a majority of voters think Democrats and their crony progressive brethren are lying when the administration says they’ll only tax the rich to pay for their extravagant spending plan– a plan that is loaded with giveaways.

The survey shows “that 69% of Likely U.S. Voters are opposed to legislation that would require banks to report data to the I.R.S. on transactions over $600, including 55% who strongly oppose the measure. Only 23% support the proposal, which is part of the so-called ‘Build Back Better’ agenda Democrats are attempting to push through Congress.”  It also shows that 63% of voters who were polled said they don’t believe the Biden-Pelosi claim that they’ll pay for the massive giveaway budget plan by taxing the rich.

The spending plan contains such programs as “family leave” and a “cash for kids” entitlements, according to Congressman Kevin Brady [R-TX].  He explains that neither plan requires individuals to work in order to get benefits.

As for the privacy issues raised by the government prying into the personal bank accounts of innocent citizens, Biden’s Treasury Secretary Janet Louise Yellen seemingly told a bald-faced lie when the C.B.S. Evening News asked her whether the government was trying to “peek into pocketbooks” of America’s lowest-paid earners.  She said, “The proposed $600 IRS reporting requirement for banks is ‘absolutely not a way for the government to peek into Americans’ pocketbooks but to hold billionaires accountable,” she said.  Ms. Yellen went on to say, “the proposal involves no reporting of individual transactions of any individual.”  Duh? 

And here I thought that $600 would be chump change for billionaires.

Meanwhile, when the “peek a boo proposal” was publicly suggested, there was plenty of complaining about the government intruding into the private affairs of individuals.  When the plan was first reported, the New York Times reported that “Banks and their trade groups are running advertising and letter-writing campaigns to raise awareness — and concern — about the proposal.  As a result, banks from Denver to Philadelphia say they are being deluged with calls, emails and in-person complaints from both savers and small-business owners worried about the proposal.  JPMorgan Chase & Company has issued talking points to bank tellers on what to tell angry customers who call or come into a branch to complain.”  Thus, the rewording of the intrusive plan.

The complaints seem to have had an impact, but it’s easy to see through the semantics.  Cumulative amounts of transactions totaling $10,000 are not very different than individual amounts of $600.

When this issue first became public, one angry loyal American asked: is America to become the land of the not-so-free citizens bound to be hounded by socialist bureaucrats in Washington?

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Rich M
1 month ago

The banks are already trying to do the dirty work for the government. The middle of October my bank had blocked my accounts saying in an email to me: Please complete the following pages of information about you and your accounts to continue with digital access.“…”To comply with federal law and regulations, we are required to obtain and confirm additional information about you and/or your accounts. Completion of this questionnaire is required. You may bypass this message 3 times before your online access is restricted. This means that electronic access to your documents, such as your account statements, and the ability to conduct any transactions or to view your account online will be suspended.The first 3 questions about me in Part 1 of the bank’s “Information Review” were the following: “What’s your annual income? Are you a current or former senior level elected or appointed foreign government official, or a family member or close associate of one? What’s your estimated net worth?” The next 2 parts targeted my savings account and my checking account; however, I was not allowed to view those questions because I declined to complete Part 1. My accounts were already blocked on October 14 when I returned from my vacation. As a result, I requested closure of my bank accounts which I had for over half a century with that bank.

Pete & Mardi Nagy
1 month ago
Reply to  Rich M

I would never answer an email like that! Very suspicious! If legit, I’d change banks.

Lee S McQuillen
1 month ago

Did I read this right? Total deposits or withdrawals IN A YEAR are to be reported to the IRS? I knew about transactions over $10,000 (singly) were to be reported, not total in a year. The new proposal is no different than the old one – gives the government access to everyone’s bank accounts period.

Jesse Tiede
1 month ago

Damned right! But then, if “I” have to live with Social Security and it’s problems, then Congress should too! If I have mandatory retirement times, for Government service, they should have mandatory retirement time! Same with Medicare, and all the other Government programs they have dumped on us, the Taxpayers! Actually, I don’t think Congress should be allowed to “Serve” long enough to qualify for retirement! And, when you hit a threshold in military service, like mandatory 30 year retirement for Enlisted ranks, then ALL military ranks need to retire, especially the Generals and Admirals! And not bring them back as “Senior Executive Service” workers…

Tory V
1 month ago

Tory
This is plain track and spy. Best to push our Senators and congressmen their jobs at stake if this 3.5t passes. Very small %goes to real infrastructure of roads. More money sent out of USA. Resettle Refugees for voting, more Marxist social engineering. Nancy Reagan said it; “JUST SAY NO! “
Badger and encourage those we vote in. 2022 is coming!

Billy Myrick
1 month ago

This is absolute absurdity, no matter the amount. Unless there is some question about where the money comes from, it is NO ONE’S business how much I have in any bank account anywhere. I agree completely with D. Monson’s statement below and really think something needs to happen right now to remove these idiots from office. I do not care what their party affiliation is, these morons were ELECTED by people in this country who expected them to go there and work FOR the people, to represent their constituents, not pass a bunch of BS laws designed to turn this country upside down and over to the socialist. We better ALL wake up and get something started now to take back control of OUR country…..BEFORE Biden and Pelosi sell us wholesale to China or Russia. WAKE UP AMERICA !

D. Monson
1 month ago

Another step toward Socialism! If this becomes law, watch for a run on the banks, people taking their money out of the banks and stop writing checks or using debit cards. Cashing paychecks at the corner store, and just using cash for everything possible. Less direct deposits to your bank. Employers will have to start writing checks for payroll. There’s not enough currency out there to do that. Look at the coin shortage we have now. Unbelievable what this administration is trying to do.

Lee S McQuillen
1 month ago
Reply to  D. Monson

You’re right – run on banks, use of cash only, etc. There’s not enough currency out there (way to change our financial system to something else) and there won’t be enough people to even take care of the program – and includes more govt spending to hire and outfit these people as well. This entire idea is impossible for many reasons.

Pete & Mardi Nagy
1 month ago
Reply to  D. Monson

Exactly what I was about to say. How about we all close our bank accounts and see how that goes? Bet the banks would wake up fast!

A. Kummetz
1 month ago

This is probably the scariest thing I’ve heard of in years and years. Can you imagine IRS making false accusations assuming where one may have gotten $600 cash to deposit into their checking account? They would destroy people and walk away without even an apology!

MariaRose
1 month ago

If they think they are going to find irregular fund actions in my bank account, they have illusions on their brains. The people who hide money from IRS don’t use regular ordinary banking system, they have ways that never show up in any IRS tracking. We already have too many people who don’t use banking for SNAP benefits and make big money for places that wire money transfers. Does the banking system get anything out of doing this, I wonder?

George
1 month ago

Let’s go after researching the bank accounts of all those elected officials to the House and Senate who arrived with bus fare in their pockets and now have millions and billions in their bank accounts. This includes Bernie Sanders who has two houses. This includes Nancy Pelosi who has billions and a winery.

Margie Fuller
1 month ago

$10,000 divided by 52 weeks comes to $192.31—-well below $600!! What a shell game is being played by these crooks!!

Commonasensa
1 month ago

The Washington, DC bureaucrats know THEY’LL never be held to this $600 transaction standard. For example, has anyone tracked all the money Hunter has raked in from fronting for his dad? What about Pelosi and McConnell? Has anyone tracked where their millions have come from? Or the OBamas for that matter. Came into office without a pot or a window, now live in a fifteen million dollar mansion. No one has bothered to extract a”fair share” from these scoundrels and won’t. If fair share was the goal, there’d be across the board flat taxes for everyone and no person living in the US would be paying nothing. But that’s not the goal. The goal is for the, to have everything and us to have nothing.

Lynn
1 month ago

Virtually EVERY transaction the average person makes is over $600. Rent, mortgage, insurance, tuition, maybe car payments, home maintenance, buying supplies at a big box store. These monarchists/elites don’t live by the same rules they want us to abide by. Remember, they also exempted themselves from carrying lousy health insurance. They have great healthcare most of us can’t get or afford.

Pete & Mardi Nagy
1 month ago
Reply to  Lynn

And all retirees on SS (or a vast majority) have at least $10,000 deposited annually! So why do this? They already know every SS retiree falls under their radar.

GriffC
1 month ago

This plan has obviously been in place for several years. Am I the only one to notice that in the last year, “for customer convenience” my banking apps and online account information report to ME my every deposit and expenditure? The software is already in place. Another attack on freedom, privacy and cash.

Deborah Myers
1 month ago

I believe the “If I show you mine and you show me yours” is a start. How would Biden like his joint bank account with his son Hunter investigated (which should be done immediately). Then there is Harris who has more than she is worth and the Pelosi’s worth of $190,000,000. No politician should amass that much money and lobbyists should be banned. They should be paying us since due to their incompetence our country is failing miserably. If Biden wants illegals entering our country he should pay for their housing, food and medical out of his pocket!

Steve de Kater
1 month ago

One final thought; I can’t remember who suggested this, but it was not my idea. Make it a requirement that ALL new legislation must be hand written by the actual legislator. This will keep these bills shorter and much more concise; no more bills filling hundreds or thousands of pages.

Lee S McQuillen
1 month ago
Reply to  Steve de Kater

Love it!

Steve de Kater
1 month ago

What is to keep someone from opening multiple accounts? If a bank wants to charge fees (for minimum balances or account activity) tell them you will take your business elsewhere. Worst case scenario, which has already been mentioned here, since interest is pretty much close to nothing, keep the money at home. Invest in a fire-proof, secure lockbox, and find a safe place to hide it.

Lori Schmerler
1 month ago

We all better Wake up this opens the door for accounting purposes to create digital dollar reward system surveillance as in China -no cash will be allowed next – you don’t do mandates your account is frozen- as negative interest rates are implemented your bank account will be accessed to deduct the variable cost – welcome to the Great Reset

Tim Toroian
1 month ago

How about a hard look up something else to see what in Blue Blazes these positivists really think they can get away with? I’m betting SCOTUS will tell them they can’t do a blanket search for personal information. And how in hell do they think say 150,000 personnel won’t take personal advantage of information retrieved.

Michael l Javick Ret US Army
1 month ago

And you thought(?) that you were living in a Free Country?

Becky
1 month ago

The time for going through EVERY. SINGLE. LAW. and BILL is upon us.
Too much legalese? Toss them.
Too lengthy? Get rid of them.
Violate our Constitution? Get rid of.

Make laws for CITIZEN use!
Not your’s.

Michael l Javick Ret US Army
1 month ago
Reply to  Becky

too late for that…iac, not until ALL the Trees of Liberty ARE watered first—WHICH IS happening very very soon. Ret US Army-Militia

D. Monson
1 month ago
Reply to  Becky

BRAVO !!

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