Posted on 04/21/2024 6:16:44 AM PDT by Libloather
The Securities and Exchange Commission (SEC) is illegally collecting data of every citizen who invests in the stock market, according to a new lawsuit.
The New Civil Liberties Alliance (NCLA) filed the suit Tuesday against the SEC claiming that the agency, through its “Consolidated Audit Trail,” or “CAT,” program, is collecting mass amounts of personally identifiable data by forcing brokers, exchanges, clearing agencies and alternative trading systems to capture and send detailed information on every investor’s trades in U.S. markets to a centralized database.
The Securities and Exchange Commission (SEC) is illegally collecting data of every citizen who invests in the stock market, according to a new lawsuit.
The New Civil Liberties Alliance (NCLA) filed the suit Tuesday against the SEC claiming that the agency, through its “Consolidated Audit Trail,” or “CAT,” program, is collecting mass amounts of personally identifiable data by forcing brokers, exchanges, clearing agencies and alternative trading systems to capture and send detailed information on every investor’s trades in U.S. markets to a centralized database.
The agency is doing so, NCLA says, without authorization from Congress and in violation of the Fourth Amendment, which prohibits unreasonable government search and seizure of private information.
Conceived during the Obama administration with bipartisan support within the Commission, the CAT program is a multibillion-dollar, self-appropriated fund, powered by various fees the SEC has collected through investment transactions, NCLA says. The group calls it “completely unlawful” and says it puts Americans’ financial data at “grave risk.”
“By seizing all financial data from all Americans who trade in the American exchanges, SEC arrogates surveillance powers and appropriates billions of dollars without a shred of Congressional authority — all while putting Americans’ savings and investments at grave and perpetual risk,” said Peggy Little, NCLA senior litigation counsel.
(Excerpt) Read more at nypost.com ...
During the Kenyan’s regime. Amazing just how many bad things originated in his regime.
Communists always created lists. Then, when they took over a town, they knew exactly where to go and who to kill first.
Whatcha bet congress isn’t tracked.
It is beginning to look like what I have been posting for YEARS and no one listens. The FEDERAL AGENCIES are running the country and by now are probably telling Congress how to vote.
Originated by Obumba, now the Biden SEC arrogates surveillance powers .......
and appropriates billions of dollars........ without a shred of Congressional authority.
They are seizing Americans’ financial data from stock trades in the
American exchanges......putting your savings and investments at risk.
.......the Biden SEC is surveilling financial data
from stock trades being made on the American exchanges......
So Biden must know how insider trading has profited the Congress
and the amt of taxes our duly elected ones are paying ......../s.
The administrative state is effectively an unelected fourth branch of government and is therefore largely unaccountable.
Just imagine what data other agencies are collecting on citizens.
How long before the CAT database gets hacked and the SEC sends a letter offering you a year of free credit monitoring as compensation? 🤔
Back in the mid to late 60’s, my wife and I had good paying jobs. The income data from those jobs was filed with the IRS and the state of Virginia.
s
That continued until we bought stocks/mutual funds for our IRA’s and 401K’s. Then, monthly/quarterly and yearly, that data was sent to the feds, state and maybe the local tax suckers.
50+ years later, we have filed the data on our 401k’s/IRA’s every year with our yearly tax filings. So did the companies who managed and sold the mutual funds/stocks.
This tracking ain’t new.
The feds forced banks to inform them when you pull a large amount of money out of the banks too.
Never feel to safe.
Increased sales of Mason jars ensue.
Dodd-Frank was implemented after the 2008-2009 crash and required investment firms to make audio recordings available to the feds including mobiles of all calls involving trades along with meta data.
Consolidated Audit Trail was implemented during Obama years. Of course your financial data & transactions have been sent to the IRS for years.
So nothing really new here except some delayed push-back.
Related article
https://www.sec.gov/news/press-release/2023-221
It isn’t amazing when you consider that the goal of that American hating turd was to destroy the US.
Or...maybe they are making the money flow data, into and out of various Stocks and Bonds, available to those folks who benefit most from insider trading...
Possible........very possible.
Are members of congress exempt?
...oh, they're special'er.
But communists, like all frauds and ponzi schemes, are not able to keep on because they first chose the losing way of life.
The accountability of the administrative state is so big, they and many others are unable to see it.
But let’s see what happens.
Why in the name of thunderation would anyone choose the losing way? Could it possibly be anything other than mental retardation?
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