After Backlash Over $600 IRS Bank Surveillance, Democrats Revise Proposal Senate Democrats on Tuesday plan to release a reworked version of a Biden administration proposal to surveil US bank accounts - after their original plan to require financial institutions to report transactions on bank accounts with more than $600 in annual deposits and withdrawals was widely panned (i.e. most people).  Now, the rule will apply to anyone with at least $10,000 in annual non-wage deposits or withdrawals , according to the Washington Post , which writes that the toned-down scope 'intends to [...]