Key Democrat Says $10K Bank Reporting Threshold Is Appropriate

Oct. 20, 2021, 4:42 PM

House Ways and Means Committee Chairman Richard Neal says “the administration is moving in the right direction” on a bank reporting proposal.

  • Neal tells reporters a $10,000 threshold for reporting requirements is appropriate
  • NOTE: Bank reporting plan would help fund President Biden’s multi-trillion-dollar economic agenda, potentially raising $700 billion and reducing the need for tax increases to offset the cost of new social spending
  • NOTE: Democrats Float $10,000 Threshold for Bank-Account Reporting

To contact the reporter on this story:
Laura Davison in Washington at ldavison4@bloomberg.net

To contact the editors responsible for this story:
Kasia Klimasinska at kklimasinska@bloomberg.net

Megan Howard

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