IRS monitoring concern - Lebanon power outage - Ethnic studies requirement

A proposal [included in President Biden's $3.5 trillion budget reconciliation plan] would require banks, credit unions and other financial companies to monitor deposits and withdrawals in accounts that have balances above $600 at any time during the year. That would include the vast majority of personal and small-business accounts.
...
"It would create tremendous liability for all affected parties by requiring the collection of financial information for nearly every American without proper explanation of how the IRS will store, protect and use this enormous trove of information," [a letter from industry groups said].
...
Supporters contend bank customers would face no new obligations while giving the IRS more information to pursue tax cheats. They hope to close a tax gap estimated at around $600 billion annually. Media reports have indicated [the threshold] could be increased to, say, $10,000 — the level at which banks report transactions in an effort to combat money laundering.