The Democrats sent a letter on Wednesday to Speaker of the House Nancy Pelosi and Representative Richard Neal, chairman of the House Ways and Means Committee.

The plan would require financial institutions to report to the IRS once a year on the total amount of money that has gone into and out of bank, loan and investment accounts that hold at least $10,000, or have inflow and outflow of at least $10,000.

The representatives wrote to Pelosi and Neal to “express our concern” about the plan, which is intended to be included in the proposed $3.5 trillion Build Back Better Act.

“We respectfully request that this proposal be withdrawn from further consideration in favor of a more targeted approach,” the Democrats said.

“While the intent of this proposal is to ensure all taxpayers meet their obligations—a goal we strongly share—the data that would be turned over to the IRS is overly broad and raises significant privacy concerns.

“We have little information about how the IRS plans to protect or use this massive trove of data. Americans expect their bank or credit union to safeguard their financial information. This proposal would erode trust in financial services providers,” they said.

The 21 representatives said that “hundreds of thousands of constituents have reached out to our offices” to express their concerns and opposition to the proposal.

“We have also heard from a wide range of constituent companies and small businesses about the significant burden and potential unintended consequences that could result from the new reporting regime,” they said.

The original proposal would have seen financial institutions reporting on accounts that hold at least $600 or have inflow and outflow of at least $600, but the Treasury Department amended the plan last week and raised that figure to $10,000. The purpose of the new reporting mechanisms is to tackle tax evasion.

The Democrats acknowledged the change in their letter, but noted that even with the change “a significant number of taxpayers will continue to meet the reporting criteria.”

“Most of these taxpayers are not the wealthy tax evaders who are the stated targets of this proposal,” they wrote.

The letter concluded by saying: “Given the privacy concerns this raises in addition to the significant burden that would be imposed on a broad range of businesses and financial institutions, we respectfully request that this proposal not be included in the Build Back Better package.”

The 21 Democrats who signed the letter were: Lou Correa of California, Cindy Axne of Iowa, Ami Bera of California, Carolyn Bourdeaux of Georgia, Sanford Bishop of Georgia,, Salud Carbajal of California, Henry Cuellar of Texas, Vicente Gonzalez of Texas, Josh Gottheimer of New Jersey, Chrissy Houlahan of Pennsylvania, Ann McLane Kuster of New Hampshire, Al Lawson of Florida, Susie Lee of Nevada, Stephanie Murphy of Florida, Tom O’Halleran of Arizona, Chris Pappas of New Hampshire, Kurt Schrader of Oregon, Jennifer Wexton of Virginia, Elaine Luria of Virginia, Sharice Davids of Kansas and Deborah Ross of North Carolina.

A group of 25 Republican senators, including every GOP member of the Senate Banking Committee, urged Majority Leader Chuck Schumer (D-NY) to drop the initial $600 proposal in a letter last month.

The Republicans called the plan an “unprecedented proposal to expand the reporting of the private, confidential financial data of law-abiding Americans.”