Republicans unveil bill to block Biden's 'egregious' IRS bank-monitoring plan

EXCLUSIVE: House Republicans plan to unveil a bill on Friday to block the Biden administration's deeply controversial proposal to give the Internal Revenue Serviceadditional scrutiny over most Americans' bank accounts in order to crack down on wealthy tax cheats. 

The GOP lawmakers' legislation – known as the Prohibiting IRS Financial Surveillance Act – would prevent the IRS from adopting any form of Biden's proposal by barring new reporting requirements for banks that would require them to disclose information on individuals' private accounts. The rule would not apply to an existing law that requires banks to report any transaction that exceeds $10,000 to the Financial Crimes Enforcement Network – part of banks' anti-money laundering requirements.  

The bill from Rep. Drew Ferguson, R-Ga., would prohibit Treasury Secretary Janet Yellen from requiring financial institutions to report the in-flows and out-flows of any account they maintain, excluding any monitoring that exists under current law. It was co-sponsored by every Republican member of the powerful House Ways and Means Committee, including ranking member Rep. Kevin Brady, R-Texas.

"This IRS surveillance is an invasion of individual’s privacy and with Democrats' history of weaponizing the IRS for their own political gain, it's in every American's best interest that we prevent the use of private financial information for this type of egregious power play," Ferguson said in a statement to FOX Business.