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Dear Friend,
On Saturday, my wife Jacquie and I visited our son Joe, who is a Midshipman at the Naval Academy. During the Navy vs. Air Force football game, those in attendance honored the 20th anniversary of 9/11 with a moment of silence.
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We remembered those we lost that day and the many who died fighting the Global War on Terrorism. I was proud to stand with so many young men and women who are dedicating their lives to protect our country for years to come, like my son Joe and our Marine, Bill.
As Congress heads back to Washington, D.C. next week for votes, I will keep our service members, their families, and our fallen heroes in mind. I will also continue to keep you updated on our progress. Keep reading on to learn what we’ve accomplished lately…
Ensuring Data Privacy
As the House prepares to consider a $3.5 trillion budget spending package later this month, Democrats and the Biden Administration are proposing to add extensive new reporting requirements for financial institutions in an attempt to pay for their trillion-dollar spending sprees.
Specifically, the Administration has threatened to require financial institutions and other financial services providers to report certain transaction-level data and account information on accounts holding over $600 to the IRS every year. This would apply to millions of bank accounts, and share unprecedented levels of consumer data. This proposal would add heavy compliance burdens and have grave privacy implications for millions of Americans as well as our community banks and credit unions.
Yesterday, I led a letter with more than 140 of my colleagues to Speaker Pelosi, Ways and Means Committee Chairman Neal, Department of Treasury Secretary Yellen, and IRS Commissioner Rettig raising concerns over this proposal.
It’s no secret that financial institutions are already required to report a tremendous amount of data to the IRS. It simply hasn’t been shown that additional data will help the IRS close the “tax gap” - the difference between taxes paid and taxes owed by law - beyond the data they already have.
Additionally, this kind of overly comprehensive IRS database would require significant resources to build, maintain, and protect – and considering the IRS has had several data breaches - this type of data sharing could make more taxpayer data vulnerable to attack.
Law-abiding Americans deserve privacy over their data; no one wants outsiders involved in their household finances. Giving the government the right to snoop through financial records is a violation of our basic right to privacy. This proposal will push even more Americans to the fringes of our financial system.
I look forward to continuing to fight for your financial privacy and security.
Celebrating Small Business Week
Yesterday marked the start of Small Business Week, where we honor the 30 million small businesses that keep this country running. In Minnesota, there are more than 500,000 small businesses employing over one million Minnesotans.
However, many small businesses have struggled to survive the COVID-19 outbreak due to forced closures, inflation caused by outrageous government spending, and difficult economic circumstances. During the pandemic, I supported the Paycheck Protection Program (PPP) – aimed at helping small businesses stay afloat and keep their employees on the payroll through that difficult time. For businesses still in need, contact the Small Business Administration’s District Office in Minnesota. More information can be found here.
I will continue to support small business growth and access for individuals trying to build their version of the American Dream.
I shared my thoughts on Small Business Week, and what these businesses mean for our economy and communities. Watch here.
Weathering the Drought
Right now, over four million Minnesotans are living in areas that have been hit by a historic drought. In fact, we faced the driest August in 127 years!
Droughts this severe hurt our farmers and agriculture community the most, and this one is taking not just a heavy economic toll, but a major mental health toll as well. I recently sent a letter to U.S. Department of Agriculture (USDA) Secretary Tom Vilsack imploring him to address the enormous mental health challenges that our agriculture and rural communities are currently facing due to this severe drought. In the 2018 Farm Bill, I fought to reauthorize the USDA’s Farm and Ranch Stress Assistance Network (FRSAN), and since then have secured funding in each fiscal year.
Although FRSAN operates on a regional level, Minnesotans have access to state-specific options as well. The Minnesota Farm and Rural Helpline is a free, confidential, 24/7 call center that has trained staff and volunteers readily available to assist in times of need. If you or someone you know is struggling with stress, depression, anxiety, or suicidal thoughts, please use these resources:
Minnesota Farm and Rural Helpline:
Our farmers face a number of ordinary – and occasionally extraordinary – stressors. We must do everything possible to help them.
Until next week, if you are in need of assistance or would like to share your thoughts with me, please write me an e-mail here.
To keep up with what we’re doing in Washington, follow me on Twitter and Facebook for more updates!
Sincerely,
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