Not saying it's right but why lay this on Joe (or rather the Democrat collective).
As I am reading this correctly, it is NOT ACCESS to bank records, it is a constant MONITORING and REPORTING of money flows by the institutions to the IRS! This would indeed be an enlargement of government oversight and intrusion! I cannot see how this is anything less than a violation of the US Constitution's 4th Amendment!
Amendment IV
The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no warrants shall issue, but upon probable cause, supported by oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized.