Joe Has Recently Learnt About the Privacy Act of 1974

question 77

Essay

Joe has recently learnt about the Privacy Act of 1974 from his friend Shawn.That has reassured him that his personal tax documents available with the Internal Revenue Service are unlikely to be disclosed by IRS to third parties without his written consent.Is Joe right?

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Definitions:

Checkable Deposits

Deposits in bank accounts that can be withdrawn using checks, debit cards, or digital transactions, comprising a significant part of the money supply.

Required Reserves

are the minimum amounts of funds that banks must hold in reserve against deposits, as mandated by central banks.

Federal Funds Target Rate

The interest rate at which banks and credit unions lend reserve balances to other depository institutions overnight, guided by the Federal Reserve.

Depository Institutions Deregulation

The process of removing or easing government regulations on banks and other depository institutions to enhance efficiency and competitiveness.