(NAFB) – Iowa Senator Chuck Grassley joined several colleagues in introducing the “Prohibiting IRS Financial Surveillance Act” in the Senate.

The legislation will prevent the Internal Revenue Service from implementing Democrats’ plan to give the agency access to the transaction information of virtually every American. Grassley says the information that the Democrats are seeking is a complete invasion of privacy. “The average American shouldn’t have to explain every financial transaction to the federal government,” Grassley says. “On top of that, this proposal would severely strain our local banks and credit unions with significant implementation and administrative costs.” He also says the IRS hasn’t demonstrated the ability to maintain the confidentiality of the information it already collects.

The Missouri Chamber of Commerce is one group supportive of the legislation. “This is an unprecedented attempt to spy on millions of American’s financial transactions and would place onerous new burdens on our private banking institutions,” says Daniel Mehan, President and CEO of the Missouri Chamber. “The proposal would also increase costs for everyone at a time when we’re trying to rebuild our economy. We must put a stop to this reckless and intrusive federal policy.”