While First State Bank does not normally engage on topics relating to politics, we feel there is an URGENT matter pending in Congress that needs your attention.
The Biden Administration is proposing a sweeping expansion of tax information reporting to be included in the budget reconciliation process.
This proposal, if enacted, would require banks and other financial institutions to report to the IRS detailed information of inflows and outflows on every customer account with a balance of more than $600.
This proposal goes against one of First State Bank's core values - confidentiality.
Every American has a reasonable expectation of financial privacy, and this proposal would jeopardize that right.
The Texas Bankers Association has created an easy way for you to contact your House of Representatives member as well as Senators Cornyn and Cruz regarding opposition to this proposal.
Simply click the link below to visit TBA's Grassroots Action Center. The second section specifically addresses bank customers and provides a link to "Take Action". You will input your address and select "Customer Opposition Letter" from the group dropdown box. Click "Go" and you will be directed to a new page with an opportunity to enter your contact information and a copy of a pre-prepared letter. You then have options to preview, send or print and mail the letters.
We strongly encourage you to reach out to our Texans in Washington to let them know how you feel about this proposal
Click to take action: Grassroots Action Center (texasbankers.com)
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