West Virginia state treasurer Riley Moore said that no state should comply with the IRS plan, tucked into the $3.5 trillion budget reconciliation bill, which he describes as an ‘unconstitutional invasion.’
‘The impact this is going to have on community banks, this is like Dodd Frank on steroids,’ Moore told DailyMail.com.
Moore said big banks who supported Biden would be the beneficiaries of the proposal.
‘In terms of compliance, a community bank, to be able to be in compliance, to set that type of regime up is just going to put them out of business,’ he said. ‘So who wins? The big banks win. The same banks that were bankrolling Biden’s campaign in 2020.’