Paul Merski, executive vice president for the Independent Community Bankers of America, told NTD’s “The Nation Speaks” program that President Joe Biden’s proposed bank account reporting law being drawn up is a violation of Americans’ financial privacy and is a costly regulatory burden on financial institutions. “This is going to be a massive invasion of financial privacy,” Merski said. “The last thing we need is everyone’s financial account information being turned over to the IRS in a massive dragnet.” Merski is referring to the Treasury Department’s proposed plan (pdf) to require financial services companies to track and submit inflows and outflows from every bank account above a minimum threshold of $600 during a year to the Internal Revenue Service (IRS), including breakdowns for cash. That would be down from the current threshold of $10,000. Treasury Secretary Janet Yellen has said that the reporting requirements would reveal “opaque income streams that disproportionately …