H.R. 5586House117th Congress (2021-2023)In Committee

Prohibiting IRS Financial Surveillance Act

Introduced October 15, 2021

AI-Generated Summary

Updated February 8, 2026 at 7:20 AM UTC

The Prohibiting IRS Financial Surveillance Act would stop the Treasury Department from adding new rules that force banks to report customers' deposits and withdrawals. It keeps only the reporting requirements that were already in effect on October 1, 2021. The bill mainly affects financial institutions and any government agency that might request such transaction data, such as the IRS.

Key Provisions

  • The Secretary of the Treasury (or any delegate) may not require any financial institution to report account inflows or outflows unless that reporting was already required by law as of October 1, 2021.

Legislative Activity

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1 earlier action
HouseIntro Referral Latest Action

Referred to the House Committee on Financial Services.

October 15, 2021

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HouseIntro Referral

Introduced in House

October 15, 2021

HouseIntro Referral

Referred to the House Committee on Financial Services.

October 15, 2021

Floor Debate

20 members

What members said about H.R. 5586 on the floor

12 Republicans8 Democrats
James P. McGovern
Rep. James P. McGovernD-MA-2 · Oct 21, 2021

Mr. Speaker, by direction of the Committee on Rules, I call up House Resolution 727 and ask for its immediate consideration. Mr. Speaker, for the purpose of debate only, I yield the customary 30…

Michelle Fischbach
Rep. Michelle FischbachR-MN-7 · Oct 21, 2021

Mr. Speaker, I yield myself such time as I may consume. I thank the gentleman from Massachusetts (Mr. McGovern) for yielding me the customary 30 minutes. Mr. Speaker, it is hard to ignore the feeling…

Steny H. Hoyer
Rep. Steny H. HoyerD-MD-5 · Oct 21, 2021

Mr. Speaker, I thank the chairman of the Rules Committee for yielding. Mr. Speaker, this resolution ought to be supported, and the underlying action that the rule provides for ought to be supported…

Stephanie I. Bice
Rep. Stephanie I. BiceR-OK-5 · Oct 21, 2021

Mr. Speaker, as explained prior, if we defeat the previous question, we will immediately move to bring up H.R. 5586. This bill prohibits the expansion of the Internal Revenue Service's requirements…

Ashley Hinson
Rep. Ashley HinsonR-IA-1 · Oct 21, 2021

Mr. Speaker, I thank the gentlewoman from Minnesota for yielding to me today. Mr. Speaker, President Biden and Speaker Pelosi are moving full steam ahead with their Big Government, big spending…

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A. Drew Ferguson IV
Rep. A. Drew Ferguson IVR-GA-3 · Oct 21, 2021

Mr. Speaker, I rise in opposition to the previous question. There is absolutely no denying that the Democrats want to control every part of your life by allowing the IRS to snoop into your bank…

Guy Reschenthaler
Rep. Guy ReschenthalerR-PA-14 · Oct 21, 2021

Mr. Speaker, I thank my good friend and fellow Rules Committee member, Representative Fischbach, for allowing me the time. Mr. Speaker, I really believe that the issue before us today comes down to a…

Mary Gay Scanlon
Rep. Mary Gay ScanlonD-PA-5 · Oct 21, 2021

Mr. Speaker, I rise in strong support of this rule and the underlying resolution. Mr. Speaker, there are moments in our country's history when we are presented with stark choices, choices between…

Tom Cole
Rep. Tom ColeR-OK-4 · Oct 21, 2021

Mr. Speaker, I thank the gentlewoman for yielding. Mr. Speaker, as my good friend from Georgia explained, if we defeat the previous question, we will immediately move to bring up H.R. 5586. This bill…

Darin LaHood
Rep. Darin LaHoodR-IL-18 · Oct 21, 2021

Mr. Speaker, I want to thank my colleague from Minnesota for yielding and Mr. Ferguson for leading this effort. If the previous question is defeated, we will amend the rule and immediately consider…

Beth Van Duyne
Rep. Beth Van DuyneR-TX-24 · Oct 21, 2021

Mr. Speaker, while my colleagues on the other side of the aisle are singularly focused on the happenings only within the walls of Capitol Hill, the rest of us, working families, are struggling with…

Trey Hollingsworth
Rep. Trey HollingsworthR-IN-9 · Oct 21, 2021

Mr. Speaker, like my colleagues today, I rise in opposition to the previous question so that we can immediately consider H.R. 5586, Prohibiting IRS Financial Surveillance Act. Mr. Speaker, Hoosiers…

James E. Clyburn
Rep. James E. ClyburnD-SC-6 · Oct 21, 2021

Mr. Speaker, I thank Chairman McGovern for yielding me the time. Mr. Speaker, I often quote George Santayana, who warned: ``Those who cannot remember the past are condemned to repeat it.'' The…

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Madeleine Dean
Rep. Madeleine DeanD-PA-4 · Oct 21, 2021

Mr. Speaker, I rise in support of the rule and the underlying resolution. Mr. Speaker, I want to start by saying that this is not just about Mr. Bannon. This is about our rule of law, our democracy,…

Jackie Walorski
Rep. Jackie WalorskiR-IN-2 · Oct 21, 2021

Mr. Speaker, I rise to oppose the previous question. If we defeat the previous question, Republicans will amend the rule to include H.R. 5586, the Prohibiting IRS Financial Surveillance Act,…

Hakeem S. Jeffries
Rep. Hakeem S. JeffriesD-NY-8 · Oct 21, 2021

Mr. Speaker, I thank the distinguished gentleman and chair of the Rules Committee for yielding and for his leadership. Mr. Speaker, the House is a separate and coequal branch of government. We are…

Bill Pascrell, Jr.
Rep. Bill Pascrell, Jr.D-NJ-9 · Oct 21, 2021

Mr. Speaker, I thank the chairman for yielding. Mr. Speaker, I rise for truth and accountability. That is why we are here. We are dealing with common criminals. You see a guy running down the street…

Steve Cohen
Rep. Steve CohenD-TN-9 · Oct 21, 2021

Mr. Speaker, they won't question Trump's statement that the insurrection was November 3 because that is the day each and every one of them and each and every one of us was elected. It was a free and…

Tom Emmer
Rep. Tom EmmerR-MN-6 · Oct 21, 2021

Mr. Speaker, I thank my colleague from Minnesota for the time. Mr. Speaker, I rise in opposition to the previous question so that we can immediately consider H.R. 5586. This bill would kill a Biden…

Bruce Westerman
Rep. Bruce WestermanR-AR-4 · Oct 21, 2021

Madam Speaker, had I been present, I would have voted ``nay'' on rollcall No. 328. members recorded pursuant to house resolution 8, 117th congress Adams (Brown) Burgess (Lucas) Cooper (Clark (MA))…

Bill Text

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Introduced in HouseIssued October 15, 2021

I

117th CONGRESS

1st Session

H. R. 5586

IN THE HOUSE OF REPRESENTATIVES

October 15, 2021

Mr. Ferguson (for himself, Mr. Brady, Mr. Nunes, Mr. Buchanan, Mr. Smith of Nebraska, Mr. Reed, Mr. Kelly of Pennsylvania, Mr. Smith of Missouri, Mr. Rice of South Carolina, Mr. Schweikert, Mrs. Walorski, Mr. LaHood, Mr. Wenstrup, Mr. Arrington, Mr. Estes, Mr. Smucker, Mr. Hern, Mrs. Miller of West Virginia, Mr. Williams of Texas, Mrs. Steel, Mr. Rouzer, Mrs. Wagner, Mr. Bilirakis, Mr. Hice of Georgia, Mr. Gibbs, Mr. Pence, Mr. Perry, Mr. Austin Scott of Georgia, Mr. Rogers of Alabama, Mr. Latta, Mr. Steil, Mrs. Miller-Meeks, Mr. Sessions, Ms. Mace, Mr. Roy, Mr. Van Drew, Mr. Babin, Mr. Mooney, Mr. Johnson of South Dakota, Mr. Timmons, Mr. Carter of Georgia, Mr. Crawford, Mr. Dunn, Mr. Wilson of South Carolina, Mr. McClintock, Mrs. Harshbarger, Mr. Bacon, Mr. Emmer, Mr. Budd, Mr. LaTurner, Ms. Cheney, Mr. McKinley, Ms. Stefanik, Mr. Huizenga, Mr. Clyde, Mr. Moore of Alabama, Mr. Steube, Mr. Kustoff, Mr. Guest, Mrs. Cammack, Mr. Mann, Mr. Stauber, Mr. Burchett, Mr. Lamborn, Mrs. Bice of Oklahoma, Mr. Guthrie, Mr. Bishop of North Carolina, Mr. Baird, Mr. Allen, Mr. Wittman, Mr. Reschenthaler, Mr. Banks, Mr. Luetkemeyer, Mr. Garbarino, Mr. Jackson, Mr. Grothman, Mr. Balderson, Mr. Comer, Ms. Salazar, Mr. Keller, Mr. Taylor, Ms. Herrell, Mr. Fulcher, Mr. Webster of Florida, Mr. Duncan, Mr. Posey, Mr. Bergman, Mr. Pfluger, Mr. Cole, Mr. Graves of Missouri, and Ms. Van Duyne) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To prohibit the implementation of new requirements to report bank account deposits and withdrawals.

1.

Short title

This Act may be cited as the Prohibiting IRS Financial Surveillance Act.

2.

Prohibition on new requirements to report bank account deposits and withdrawals

The Secretary of the Treasury (including any delegate of the Secretary) may not require any financial institution to report the inflows or out-flows (or any similar amount, whether on a transaction or aggregate basis) of any account maintained by such institution, except to the extent that such reporting is required under any program, or other provision of law, as in effect on October 1, 2021.