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CONCURRENT RESOLUTION URGING CONGRESS AND THE

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PRESIDENT TO PROTECT CONSUMER PRIVACY IN

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BANKING AND FINANCIAL TRANSACTIONS

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2021 SECOND SPECIAL SESSION

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STATE OF UTAH

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Chief Sponsor: Joel Ferry

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Senate Sponsor: Curtis S. Bramble

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9     LONG TITLE
10     General Description:
11          This concurrent resolution urges Congress and the President to protect consumers from
12     certain banking and financial transaction reporting requirements under consideration by
13     Congress and the federal government.
14     Highlighted Provisions:
15          This resolution:
16          ▸     urges Congress and the President to protect consumers from harmful, intrusive, and
17     burdensome Internal Revenue Service reporting requirements for financial
18     institutions.
19     Special Clauses:
20          None
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22     Be it resolved by the Legislature of the state of Utah, the Governor concurring therein:
23          WHEREAS, the Biden Administration and some in Congress have proposed changes to
24     tax information reporting which would require financial institutions to provide the Internal
25     Revenue Service reports of incoming and outgoing transactions from every customer financial
26     account with gross inflows and outflows that range from $600 to $10,000 in a tax year;
27          WHEREAS, these proposals would require financial institutions to include in the
28     reports for both personal and business accounts a breakdown for physical cash, transactions
29     with foreign accounts, and transfers to and from another account with the same owner;

30          WHEREAS, savings, transactional, loan, and investment accounts at these financial
31     institutions would be subject to this proposed requirement;
32          WHEREAS, there are real concerns over data privacy and security if this proposed
33     requirement is implemented;
34          WHEREAS, keeping member and customer account information private and secure is
35     among the primary goals of all financial institutions in this state;
36          WHEREAS, this proposed requirement at any threshold dollar amount could jeopardize
37     the privacy and security of accounts and personal information;
38          WHEREAS, privacy is cited as one of the primary reasons individuals choose not to
39     open a bank account;
40          WHEREAS, this proposed requirement lays a foundation for new and future barriers for
41     unbanked or underbanked individuals;
42          WHEREAS, financial institutions throughout the state of Utah and the nation are
43     already subject to many burdensome regulations;
44          WHEREAS, the inclusion of this new, hyper-extensive reporting requirement would
45     increase that burden in an untenable and destructive manner for many community-based
46     financial institutions;
47          WHEREAS, the Fourth Amendment to the United States Constitution guarantees every
48     Utahn the right to be secure in their persons, houses, papers, and effects, against unreasonable
49     searches and seizures;
50          WHEREAS, that fundamental right shall not be violated, and no warrants shall be
51     issued, but upon probable cause, supported by oath or affirmation, and particularly describing
52     the place to be searched, and the persons or things to be seized;
53          WHEREAS, Utahns' bank account information is personal and private information and
54     effects, and any proposal to forcibly acquire universal access to that information without a
55     warrant based on probable cause is a violation of the constitutional rights of every Utahn and
56     the oath of office of every member of Congress; and
57          WHEREAS, the Internal Revenue Service should not have universal access to every

58     American's private financial information because in recent years its administration and staff
59     have used their authority and access to confidential personal information to engage in openly
60     political behavior:
61          NOW, THEREFORE, BE IT RESOLVED that the Legislature of the state of Utah, the
62     Governor concurring therein, calls upon the United States Congress and the President to protect
63     consumers from harmful, intrusive, and burdensome Internal Revenue Service reporting
64     requirements for financial institutions.
65          BE IT FURTHER RESOLVED that a copy of this resolution be sent to the Secretary of
66     the Treasury of the United States, the President of the United States, and the members of Utah's
67     Congressional Delegation.