Treasurer Sprague Joins Fellow State Treasurers, Auditors to Oppose Biden Administration Overreach
US Treasury Department proposal will put private citizens’ privacy at risk while placing significant new costs and burden on financial institutions
COLUMBUS – Treasurer Robert Sprague has joined 21 fellow state treasurers, state auditors and financial officers in the State Financial Officers Foundation (SFOF) to oppose a Biden Administration proposal that would require financial institutions to turn over private citizens’ personal bank account information to the Internal Revenue Service if they exceed $600 of inflows or outflows in an account.
“The Biden Administration’s proposal is an outrageous assault on Americans’ liberties,” said Treasurer Sprague. “Their attempt at invading our private financial accounts not only erodes our rights and values as Americans, but it would also be dangerously burdensome to our financial institutions – both large and small. I’m proud to stand alongside my colleagues around the country to fight against this unprecedented and unnecessary intrusion.”
A full copy of the letter to the Biden Administration can be found HERE.
Robert Sprague became Ohio’s 49th Treasurer of State on January 14, 2019, bringing to the office his extensive experience working on financial matters in both the public and private sectors. Under Treasurer Sprague’s direction, the office manages the state’s $29 billion investment and $11 billion debt portfolios, collects and deposits all state revenues, and oversees custodial assets.