![]() First, The American Rescue Plan Act, which was passed by Congress in March, has a provision that will go into effect on Jan. One variation of the rumor warns that a Biden proposal will allow the government to monitor every bank account transaction or cash app withdrawal and deposit.Ĭonservative commentator Candace Owens repeated this in a tweet, writing that "the Biden administration is attempting to empower the IRS to monitor every single withdrawal, deposit, and transaction you make from your personal banking accounts, PayPal, Venmo, etc."īut this isn’t right. So, it makes sense that a new Treasury Department proposal that would modify financial reporting requirements for banks and cash apps has thrown some people into a tizzy.īut some of the plan’s details have become muddled on the internet. From splitting restaurant checks to paying rent to roommates, the words "I’ll Venmo you" have become increasingly commonplace.
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