U.S. Rep. Mike Kelly, R-16th, collaborated with Congressman Drew Ferguson of Georgia on an act that would seek to ban the IRS from implementing any reporting requirements on banks as suggested in a plan by the Biden administration.

The plan is part of the “Build Back Better” initiative and requires financial institutions to report data for accounts with deposits or withdrawals worth more than $600 to the IRS.

Kelly’s office said the act seeks to address concerns about the threat to an individual’s privacy.

"Laws such as the Inflation Reduction Act have given the IRS unchecked and unlimited powers. That puts hardworking Americans at greater risks of an audit or other big-government overreach," Kelly said. "We've also seen private taxpayer information leaked and breached while in the hands of the IRS in recent years. This legislation will protect taxpayers' banking privacy and reins in the IRS's wide-ranging new powers."