The budget reconciliation bill passed Friday by the U.S. House of Representatives does not include the controversial proposal to have banks and credit unions report account information to help fund the programs supported by the bill.
Democrats have updated a Biden administration proposal that would require that banks and credit unions report account activity to the Internal Revenue Service, but trade groups remain opposed to the plan.
An aggressive industry campaign against a Biden administration proposal to report bank account information to the Internal Revenue Service continued on Thursday as more than 100 trade groups and other organizations sent a joint letter to congressional leaders voicing opposition to the proposal.
