But previous catch-all financial reporting requirements have helped spur national disasters, complete with pervasive federal looting.

Sen. Mike Crapo (R-ID) denounced the Biden proposal as a "surveillance dragnet," a "huge violation of privacy," and "an egregious abuse of Americans' right to due process by inferring that all US taxpayers are guilty of evading taxes until proven otherwise." Paul Merski of the Independent Community Bankers of America warns that the Biden proposal would be "be a historic invasion of financial privacy like we've never seen before." Merski also declared, "The IRS is absolutely incapable of handling or processing this massive amount of new data, and they would admit as much — that's why they're asking for an additional $80 billion in this budget."

Actually, federal money cops have long been overwhelmed by too many reports from banks. Prior federal reporting requirements buried bureaucrats in useless reports and became a de facto Terrorist Hijacker Empowerment Act . The 9/11 attacks were preceded by the biggest failure ever by US financial authorities.