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Senate Bill Lets Govt Collect Financial Records of Customers

Senate Democrats Pass Bill Allowing Govt to Collect Addresses, ATM Records of Bank Customers

CNS News
May 22, 2010

Senate Democrats united to pass a financial regulatory bill that allows the government to collect data on any person operating in financial markets at any level, including the collection of personal transaction records from local banks, including customers’ addresses and ATM receipts.

The Senate voted 59-39 on Thursday to pass the bill – the chief aim of which is to more-heavily regulate the financial industry – sending it to a conference committee in the House of Representatives, where differences between the House and Senate versions will be ironed out.

The bill, if it becomes law, will create the Bureau of Consumer Financial Protection and empower it to “gather information and activities of persons operating in consumer financial markets,” including the names and addresses of account holders, ATM and other transaction records, and the amount of money kept in each customer’s account.

The new bureaucracy is then allowed to “use the data on branches and [individual and personal] deposit accounts … for any purpose” and may keep all records on file for at least three years and these can be made publicly available upon request.

Senator Richard Shelby (R-Ala.) said that Democrats who claim this new bureaucracy will protect consumers are misleading the public.

“[T]he American people are being misled,” Shelby said on the Senate floor on Thursday night. “The authors of this bill are telling them that this legislation has been drafted to address the recent financial crisis and that it will ‘tame’ Wall Street. I am afraid that they are going to be disappointed.”

Shelby slammed the new consumer bureaucracy, saying that it was meant not to protect consumers but to “manage” them by monitoring their behavior.

“Mr. President, make no mistake, behind the veil of anti-Wall Street rhetoric is an unrelenting desire to manage every facet of commerce under the guise of consumer protection.

“They may be interested in protecting consumers, but they are more interested in managing them,” Shelby said.

Shelby also criticized the idea that Americans need government to watch over their every financial move, saying that it was better to allow people the freedom to make their own choices and fail than to never allow them the freedom to choose at all.

“Mr. President, I have faith in the American people and their ability to make good choices,” said Shelby. “Granted, we do not always choose well. But I believe that a poor choice freely made is far superior to a good choice made for me.”

“I am afraid that the architects of this bill do not share this sentiment,” he said. “Nor do they share my faith in the American people.”

Shelby further said that the ability of the Federal Reserve to collect such detailed information about the most basic of financial transactions was the beginning of an effort by government to regulate every financial action of every American citizen.

“This new consumer bureaucracy is intended by its architects in the Treasury to begin the process of financial regulation with the intent of changing the behaviors of the American people,” said the senator.

Shelby appears to be correct. The bill allows the bureau to collect any and all information on any person operating in the financial markets.

As it reads: “[T]he Bureau shall have the authority to gather information from time to time regarding the organization, business conduct, markets, and activities of persons operating in consumer financial services markets.”

Senate Passes Wall Street Permanent Bailout Bill, It’s a Job Killer!

 

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The Obama government has been relentless to invade the privacy of Americans. Now Senate Democrats passed a “financial regulatory bill” that will allow government to spy on Americans’ personal activities, collecting Citizens’ financial information for example paying a doctor; purchasing a subscription, when paying by check or credit card; government will be able to access private banking records to learn when Citizens used an ATM machine, including all other financial accounts. And may provide that information to private parties such as potential/creditors Shouldn’t the Obama government need a warrant to extract that information? A corrupt government such as the one now in power, could use Citizens’ collected financial information to selectively target political opposition, anyone. Recently it was reported the Obama administration hired a vendor to monitor social networking sites to collect information on Americans. Additionally Obama has supported the expansion of warrant-less wiretapping. Is it possible some in the Obama administration that support and in Congress voted for invading Citizens’ personal financial affairs have serious mental issues that inspire supporting legislation that permit government to stalk lawful Citizens?

Recently it was discovered the Obama health care bill included a new law that will force Americans to report paying $600 or more for any product or service. In 2011 Government can invade the privacy of Citizens, tracking how, when and where every person or business spends money. The 2010 Health Care Act adds “amounts in consideration for property” (Code Sec. 6041(a) as amended by 2010 Health Care Act §9006(b)(1)) and “gross proceeds” (Code Sec. 6041(a) as amended by 2010 Health Care Act §9006(b)(2)) to the pre-2010 Health Care Act categories of payments for which an information return to IRS will be required if the $600 aggregate payment threshold is met in a tax year for any one payee. Thus, Congress says that for payments made after 2011, the term “payments” includes gross proceeds paid in consideration for property or services.

Why are Obama and certain democrats relentless in pushing legislation to put Americans under a constant government magnifying glass?

Comment by Sharron Prescott




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