First of all, this only seems to be a proposal for actions that the Treasury could take in the future. The part about monitoring bank accounts appears on page

First of all, this only seems to be a proposal for actions that the Treasury could take in the future. The part about monitoring bank accounts appears on page 88 (the 94th page of the PDF document): > This proposal would create a comprehensive financial account information reporting regime. Financial institutions would report data on financial accounts in an information return. The annual return will report gross inflows and outflows with a breakdown for physical cash, transactions with a foreign account, and transfers to and from another account with the same owner. This requirement would apply to all business and personal accounts from financial institutions, including bank, loan, and investment accounts, with the exception of accounts below a low de minimis gross flow threshold of $600 or fair market value of $600. ... > Similar reporting requirements would apply to crypto asset exchanges and custodians. Separately, reporting requirements would apply in cases in which taxpayers buy crypto assets from one broker and then transfer the crypto assets to another broker, and businesses that receive crypto assets in transactions with a fair market value of more than $10,000 would have to report such transactions. ... > The proposal would be effective for tax years beginning after December 31, 2022.