COLUMBUS, Ohio (WKBN) – Ohio Attorney General David Yost is joining other Ohio lawmakers and officials in opposing a Biden Administration plan that would require financial institutions to turn over account information to the Internal Revenue Service.
Yost joined 19 other state attorneys general in a letter to the U.S. Treasury Department in opposition to the new proposed federal policy that would provide the federal government with “access to nearly every American’s bank account and financial transaction information,” Yost said.
In the letter, the attorneys general argue that banks across the country will have to transform the way they conduct business in order to comply with the proposed reporting requirements, including investing significant amounts of money in data collection and other systems.
Yost said banks would likely pass those costs onto customers in the form of fees and higher interest rates. He also mentioned that having the information in a centralized location for the federal government makes a target for cybercriminals.
In addition to Ohio, the letter was signed by attorneys general in the following states: Alabama, Alaska, Arkansas, Florida, Georgia, Idaho, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Montana, Nebraska, New Hampshire, Oklahoma, South Carolina, Texas, Utah and West Virginia.
Last month, Ohio Treasurer Robert Sprague signed his name to a letter penned by treasurers across the proposed policy.