S. 3455Senate117th Congress (2021-2023)Introduced

Prohibiting IRS Financial Surveillance Act

Sponsored by Tim ScottSen. Tim Scott (R-SC)
Introduced January 10, 2022

AI-Generated Summary

Updated February 8, 2026 at 8:46 AM UTC

The Prohibiting IRS Financial Surveillance Act aims to stop the Treasury Department from adding new reporting rules that would require banks and other financial institutions to share detailed information about account deposits, withdrawals, balances, and transactions. It preserves only those reporting requirements that already existed at the time the law is passed. The bill affects the Secretary of the Treasury, any delegates, and all financial institutions that might otherwise be subject to new IRS reporting mandates.

Key Provisions

  • Prohibits the Secretary of the Treasury (or any delegate) from requiring any financial institution to report account inflows, outflows, balances, transactions, or transfers, unless such reporting is already required by law as of the enactment date.
  • The prohibition takes effect the day after the law is enacted.

Legislative Activity

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2 earlier actions
SenateCalendars Latest Action

Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 235.

January 18, 2022

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SenateIntro Referral

Introduced in Senate

January 10, 2022

SenateCalendars

Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.

January 10, 2022

SenateCalendars

Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 235.

January 18, 2022

Floor Debate

3 members

What members said about S. 3455 on the floor

1 Republican2 Democrats
Charles E. Schumer
Sen. Charles E. SchumerD-NY · Jan 10, 2022

A few moments ago, I went through the typical rule XIV process, which the majority leader always does to place legislation from both minority and majority on the legislative calendar. It is merely…

Elizabeth Warren
Sen. Elizabeth WarrenD-MA · Jan 18, 2022

Mr. President, I understand that there are 20 bills at the desk due for a second reading en bloc. In order to place the bills on the calendar under the provisions of rule XIV, I would object to…

Charles E. Schumer
Sen. Charles E. SchumerD-NY · Jan 10, 2022

Madam President, I understand there are 18 bills at the desk, and I ask for their first reading en bloc. I now ask for a second reading, and I object to my own request, all en bloc.

Mitch McConnell
Sen. Mitch McConnellR-KY · Jan 10, 2022

I object.

Bill Text

Latest available legislative text

Reading Mode
Latest
Placed on Calendar SenateIssued January 18, 2022

II

Calendar No. 235

117th CONGRESS

2d Session

S. 3455

IN THE SENATE OF THE UNITED STATES

January 10, 2022

Mr. Scott of South Carolina introduced the following bill; which was read the first time

January 18, 2022

Read the second time and placed on the calendar

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

(a)

In general

The Secretary of the Treasury (including any delegate of the Secretary) may not require any financial institution to report—

(1)

the inflows or outflows of any account maintained by such institution, or

(2)

any balances, transactions, transfers, or similar information with respect to any such account,

except to the extent that such reporting is required under any program, or other provision of law, as in effect on the date of the enactment of this Act.
(b)

Effective date

The provisions of this section shall take effect on the day after the date of enactment of this Act.

January 18, 2022

Read the second time and placed on the calendar