Prometheus 6

Electronic transaction reporting requirements slipped into Housing bill
By Julian Sanchez | Published: June 20, 2008 - 12:54PM CT

A bill under consideration in Congress to bail out homeowners affected by the mortgage crisis enjoys strong bipartisan support, despite a recent White House veto threat. But the free-market advocacy group FreedomWorks is drawing attention to a provision introduced on the Senate side that has little to do with housing loans: a measure that would require credit card companies and electronic payment processors, such as PayPal, to file aggregate transaction reports with the IRS listing their total annual payments to individual merchants who receive more than $10,000 and conduct more than 200 transactions each year.