Opposition voiced to IRS monitoring
A resolution expressing opposition to the Biden administration's proposal to require financial institutions to report all account holder transactions of at least $600 was unanimously endorsed Thursday by the House Insurance and Commerce Committee.
House Concurrent Resolution 1021 is a preemptive move to let national policymakers know that Arkansas is against the "major intrusion of consumer privacy" if that portion of Biden's American Families Plan is adopted, bill sponsor Rep. Delia Haak, R-Gentry, told the committee.
"It is something that we would like to be on record as a Legislature that we oppose this kind of overreach for all the reasons that have been stated," Haak said. "In particular, we want our financial institutions to partner with our communities and our consumers, both banked and unbanked as well. They have been really good partners and this kind of scrutiny is not necessary nor has it ever been deemed to be necessary up until this point."
The plan was announced by the White House on April 28 and, if adopted, is expected to go into effect for tax years after Dec. 31, 2022.
The proposal would open the door to more cyberattacks to steal financial information, and the administration has failed to explain how the changes would close the tax gap, Haak said.
Lorrie Trogden, president and CEO of the Arkansas Bankers Association, told legislators that customer privacy is the top concern but costs banks "a lot of resources and a lot of money" to implement.
Rep. Robin Lundstrom, R-Elm Springs, asked Trogden if the proposal would trigger banks to report to the IRS "every paycheck, every dime," to which Trogden affirmed.
"It sounds like the government is actually digging in my couch cushions for change instead of stopping spending or doing a better job at managing itself," Lundstrom said.
-- Jeannie Roberts
Senate approves criticism of Biden
The Arkansas Senate on Thursday in a voice vote approved a resolution condemning the actions of President Joe Biden that the resolution states "resulted in the worst United States foreign policy mistake in modern history."
Senate Resolution 30 by Sen. Trent Garner, R-El Dorado, also thanks each U.S. service member for their service and sacrifice.
According to the resolution, then-President Donald Trump's administration in February 2020 negotiated an agreement with the Taliban to withdraw all U.S. military troops, its allies and coalition partners from Afghanistan by May 1 of this year in return for the Taliban's promise to prevent any group or individual, including al-Qaida, from using Afghanistan to threaten the security of the U.S. and its allies.
SR30 states that during the last days of the war misjudgments by Biden prevented an orderly withdrawal from Afghanistan.
Senate Democratic leader Keith Ingram of West Memphis lamented the use of Senate resolutions to pander for political purposes.
-- Michael R. Wickline
Joint budget panel backs UAPB plan
The Joint Budget Committee on Thursday authorized the University of Arkansas at Pine Bluff to use insurance proceeds for an estimated $2.72 million in repairs.
The project is to replace damaged equipment, electrical and plumbing at the UAPB Business Building, Corbin Hall and The Fine Arts Center, according to a report to the Joint Budget Committee.
The project is expected to begin Oct. 15 and be completed by June 30, 2022.
-- Michael R. Wickline