Democrats and Republicans in the United States Congress are currently negotiating two bills: An infrastructure proposal, and a budget reconciliation bill.
Some Republicans support the former, but the latter lacks support from lawmakers on both sides of the aisle, so it remains unclear if it will ever be signed into law by President Joe Biden.
Embedded in the infrastructure proposal is a controversial plan to monitor all financial activity totaling $600 or more. In other words, under this plan, banks would be required to report data to the Internal Revenue Service (IRS) on transactions over $600.