Ashley Hinson (R-IA) told Breitbart News in an exclusive statement Tuesday that they will continue to fight President Joe Biden’s proposal to spy on Americans’ financial statements.

Treasury Secretary Janet Yellen and Senate Democrats announced that they would scale back their proposal requirment that financial institutions provide the Internal Revenue Service (IRS) with more information on bank accounts with more than $600 in annual deposits or withdrawals.

The Democrats’ new proposal would require reports on accounts with more than $10,000 in annual deposits or withdrawals.

Ashley Hinson (R-IA), who sponsored the Protecting Financial Privacy Act to prevent the IRS from requiring financial institutions from reporting their customers’ financial data, vowed to continue fighting the Democrats’ plan to spy on Americans.

“Allowing the IRS to track Americans’ financial transactions is an invasion of privacy—there’s no justification.

My Protecting Financial Privacy Act will stop the Biden Administration’s IRS from snooping in Americans’ bank accounts, and I’ll continue fighting this massive government overreach,” Hinson, a House Budget Committee member, said.