AP Photo/J. Scott Applewhite The on-again, off-again proposal to require banks to monitor and report on the activity of America’s bank accounts that have $600 or more in business transactions is back in the latest version of H.R. 5376 Build Back Better Act being now being debated by the House in Congress.
The exact text as amended says: SEC. 138402. APPLICATION OF BACKUP WITHHOLDING WITH RESPECT TO THIRD PARTY NETWORK TRANSACTIONS. (a) In General.–Section 3406(b) is amended by adding at the end the following new paragraph: “(8) Other reportable payments include payments in settlement of third party network transactions only […]
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