SALT LAKE CITY – Today, in a letter to President Joe Biden and Secretary of the Treasury Janet Yellen, Utah Attorney General, Utah Attorney General Sean D. Reyes and 19 other attorneys general states, have expressed opposition to the administration advocating a policy that would provide the federal government with access to nearly all U.S. bank accounts and financial transaction information.
In the letter, the attorneys general argue that banks across the country will need to transform the way they do business to comply with proposed reporting requirements, including investing significant sums in data collection and other systems. The letter argues that consumers will be punished in several ways, as banks would likely pass on costs in the form of fees or higher interest rates, not to mention centralized storage of sensitive information would provide cybercriminals with an additional target to exploit. with information on almost all Americans.
The group says that if arresting financial criminals or punishing tax evaders is the administration’s goal, they will gladly join together to find the right solutions based on the rule of law, but violate the rights of virtually all Americans with a bank account is not the answer.
In addition to Utah, the coalition also includes the attorneys general of the following states: Alabama, Alaska, Arkansas, Florida, Georgia, Idaho, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Montana, Nebraska, New Hampshire, Ohio, Oklahoma , South Carolina, Texas and West Virginia.
A copy of the letter is attached.