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Bailout Bill Would Require Banks to Track and Report Personal Checking Accounts to Feds
biggovernment.com ^ | April 29,2010 | Capitol Confidential

Posted on 04/29/2010 5:32:56 PM PDT by Ernest_at_the_Beach

It’s amazing to watch the civil libertarians hide when Democrats propose the most sweeping intrusions of privacy in generations. In addition to the litany of bad policies contained in the Dodd Financial Reform bill is this nugget on pages 1039-1040. In short, it extends government reach to every deposit account of every citizen.

Required Acct Monitoring

Subtitle G of the Dodd discussion draft bill requires that records be maintained and reported “for each branch, automated teller machine at which deposits are accepted, and other deposit taking service facility with respect to any financial institution, the financial institution shall maintain a record of the number and dollar amounts of deposit accounts of customers.”

What’s worse, banks will be required to submit these records to the new super regulatory agency called the Consumer Financial Protection Agency (page 1041).  The CFPA will be allowed to use this information for any purpose “as permitted by law” under CFPA rules—rules set by CFPA themselves.

So, lets get this straight—the law requires banks to snoop on its customers MOST PERSONAL INFORMATION and submit it to another government agency so it can be used anyway the CFPA see’s fit.

(Excerpt) Read more at biggovernment.com ...


TOPICS: Breaking News; Business/Economy; Constitution/Conservatism; Extended News; Foreign Affairs; Government; Miscellaneous; News/Current Events; Politics/Elections
KEYWORDS: 111th; 1984; bhofascism; bhotyranny; bigbrother; democrats; fascism; impeachobama; irs; liberalfascism; lping; obama; obamaspys; obamunism; orwelliannightmare; tyranny
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I am assuming an image is eventually going to show up.....
1 posted on 04/29/2010 5:32:56 PM PDT by Ernest_at_the_Beach
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To: All

Not sure what is going on,....website hints there is an image in the white spaces...


2 posted on 04/29/2010 5:35:24 PM PDT by Ernest_at_the_Beach ( Support Geert Wilders)
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To: Ernest_at_the_Beach

So how are they going to track what I have in my mattress? Guess they want a run on the banks next.


3 posted on 04/29/2010 5:36:28 PM PDT by Hattie
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To: Ernest_at_the_Beach

Hey who needs a four amendment ... no search warrant, and we are worried about illegals being demanded to produce their papers to LEOs.

Hah, tyranny Kenyan style.


4 posted on 04/29/2010 5:38:14 PM PDT by Tarpon ( ...Rude crude socialist Obama depends on ignorance to force his will on people)
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To: Tarpon

WTF...lock and load!


5 posted on 04/29/2010 5:41:02 PM PDT by ldish (Looking forward to Independence Day)
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To: Tarpon

This type of regulation will just drive money out of the banks and those deposit accounts mutiply into loans to customers.
The govt and IRS can already get those records any time they want them. They don’t need them from citizens until they have just cause.


6 posted on 04/29/2010 5:41:05 PM PDT by Oldexpat
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To: Ernest_at_the_Beach

Senator Dodd is a Commie Criminal pure and simple!
If Lady Justice were to be served, he would be tarred and feathered, and run out of country tonight! IMHO


7 posted on 04/29/2010 5:42:55 PM PDT by J Edgar
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To: Oldexpat

This is total invasion of privacy.

Where is the ACLU? Yeah I know, Pres Wilson formed them to destroy America.

And about those medical records going to the government.


8 posted on 04/29/2010 5:48:48 PM PDT by Tarpon ( ...Rude crude socialist Obama depends on ignorance to force his will on people)
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To: Ernest_at_the_Beach

Power hungry, over reaching, pot smoking, addled brained ... IDIOTS!!!!

Bank of Sealy, here we come!!!


9 posted on 04/29/2010 5:55:26 PM PDT by TruthConquers (Delendae sunt publicae scholae)
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To: All; NormsRevenge; Grampa Dave; SierraWasp; Marine_Uncle; BOBTHENAILER; onyx; SE Mom; blam; ...

Comments (115) at the website....might be something in them.


10 posted on 04/29/2010 5:56:58 PM PDT by Ernest_at_the_Beach ( Support Geert Wilders)
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To: Ernest_at_the_Beach
There must not be enough Suspicious Activity reports being filed under current regulations.

(So how's that drug war going, drug warriors?)

11 posted on 04/29/2010 6:00:12 PM PDT by Ken H
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To: Ernest_at_the_Beach

The entire “reform” is an outrageous intrusion into our privacy and a huge government takeoever, and the screams would be heard all over LSM were it a GWB/GOP “reform bill.”


12 posted on 04/29/2010 6:00:45 PM PDT by onyx (Sarah/Michele 2012)
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To: All
From the comments:

Between this and the bill's requirement to file 1099s for any payment of over $600/year (rent, services, repairs, anything), I can see why they are going to need 16,000 new tax agents.

They want to document who gets what, when, where, how and why. This will come in handy for tax policy and figuring out who they should nationalize next.

13 posted on 04/29/2010 6:01:05 PM PDT by Ernest_at_the_Beach ( Support Geert Wilders)
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To: Ernest_at_the_Beach

Feingold, are you still day dreaming about the “warrantless wiretaps” of yore?


14 posted on 04/29/2010 6:01:41 PM PDT by Gene Eric (Your Hope has been redistributed. Here's your Change.)
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To: onyx
More from the comments:

I heard this was in there and does not surprise me a bit.

The health care bill also has massive economic domestic spy features embedded into it with national ID cards and ability to track and enforce private accounts -- so that they can be debited remotely for amounts claimed by the IRS. The NSA is also putting massive supercomputers in the mountains of Utah with the goal of tracking all computer activity in the world.

This is command and control of individual private property owned by individuals. Cass Sunstein is on record as saying that he does not believe money belongs to individuals, he says it belongs to the government, because they print it!
.

15 posted on 04/29/2010 6:04:47 PM PDT by Ernest_at_the_Beach ( Support Geert Wilders)
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To: onyx
Found something....

***********************************LINK TO BILL************************************

Here's the link to the bill online everybody, but the actual page in question is 1218 on the PDF file:
http://banking.senate.gov/public/_files/Chairmans...

16 posted on 04/29/2010 6:07:51 PM PDT by Ernest_at_the_Beach ( Support Geert Wilders)
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To: Ernest_at_the_Beach; AdmSmith; Berosus; bigheadfred; Convert from ECUSA; dervish; Fred Nerks; ...

Can’t really call Clinton “Bailout Bill”, since he’s remained married for decades. Hasn’t been faithful of course, but has remained married. ;’) Thanks Ernest.


17 posted on 04/29/2010 6:12:55 PM PDT by SunkenCiv ("Fools learn from experience. I prefer to learn from the experience of others." -- Otto von Bismarck)
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To: Ernest_at_the_Beach

This will never pass.


18 posted on 04/29/2010 6:15:23 PM PDT by SumProVita (Cogito, ergo...Sum Pro Vita. (Modified Decartes))
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To: Ernest_at_the_Beach; All

How many bills is this going to be written into?

Hey, folks, have you been sleeping?

It’s already IN the ‘health care’ bill


19 posted on 04/29/2010 6:19:52 PM PDT by maine-iac7
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To: Ernest_at_the_Beach

And these bozos worry about ILLEGAL aliens having to show their papers? This is far worse.


20 posted on 04/29/2010 6:22:39 PM PDT by MizSterious ("Those who make peaceful revolution impossible will make violent revolution inevitable." -JFK)
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To: Hattie
So how are they going to track what I have in my mattress?

Zero's civilian police force will pay you a "friendly" visit.
21 posted on 04/29/2010 6:24:46 PM PDT by Deo volente (God willing, America will survive this Obamination.)
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To: Ernest_at_the_Beach
Yes, an image will appear .. eventually.. and then the hammer. ;-]


22 posted on 04/29/2010 6:25:03 PM PDT by NormsRevenge (Semper Fi ... Godspeed .. Monthly Donor Onboard .. Chuck DeVore - CA Senator. Believe.)
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To: Ernest_at_the_Beach
Bailout Bill Would Require Banks to Track and Report Personal Checking Accounts to Feds

It's only fair, after all the feds earned it and have been decent enough to divvy it out to us so we can survive.

23 posted on 04/29/2010 6:33:03 PM PDT by EGPWS (Trust in God, question everyone else)
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To: NormsRevenge

LOL!


24 posted on 04/29/2010 6:38:08 PM PDT by Ernest_at_the_Beach ( Support Geert Wilders)
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To: SumProVita

Read that about the health care deform bill, too...


25 posted on 04/29/2010 6:39:52 PM PDT by PubliusMM (RKBA; a matter of fact, not opinion. 01-20-2013: Change we can look forward to.)
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To: Ernest_at_the_Beach

It’s a new outrage every single day with Obastard and the Rats.


26 posted on 04/29/2010 6:42:17 PM PDT by Blood of Tyrants (The US will not die with a whimper. It will die with thundering applause from the left.)
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To: Ernest_at_the_Beach

Well, at least eavesdropping on terrorist phone calls is still forbidden. There’s some freedom left.


27 posted on 04/29/2010 6:45:59 PM PDT by Mad_Tom_Rackham (It is the duty of the patriot to protect his country from its government -- Thomas Paine)
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To: Hattie
"So how are they going to track what I have in my mattress?"

LOL, correct.

I maintain a no cost checking account just for the government.
It confirms that I am surviving just above the poverty line (just where they want me) and am probably in need of some government hand-out.
(They'll never think to look here for me, hee, hee.)

28 posted on 04/29/2010 6:52:29 PM PDT by blam
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To: Mad_Tom_Rackham

Now that is funny ....in a way.<P.We might have to join the protected camp.


29 posted on 04/29/2010 6:53:23 PM PDT by Ernest_at_the_Beach ( Support Geert Wilders)
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To: Ernest_at_the_Beach

Stop the leaks on our border and bail-out the illegals so they wind up back where they came from.


30 posted on 04/29/2010 6:55:49 PM PDT by Typical_Whitey (Illegal Immigration: If we don't stop the leak, we are doomed to sink.)
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To: Tarpon

Your chip is awaiting you. Time to switch to matress savings and loan. This passes and I go to the mat.


31 posted on 04/29/2010 6:56:07 PM PDT by screaminsunshine (e)
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To: SumProVita
"This will never pass."

That is what everyone said about Obamacare.

32 posted on 04/29/2010 7:00:34 PM PDT by Bobby_Taxpayer (Don't tread on us...or you'll pay the price in the next election.)
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To: Ernest_at_the_Beach

Cass Sunstein needs to be swinging from a rope.


33 posted on 04/29/2010 7:03:41 PM PDT by july4thfreedomfoundation (I'm voting for Sarah Palin because she pisses off the right people.)
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To: Hattie

These are fascists. Which is why all of my serious banking is done legaolly off shore, where they can’t interfere with me.

If you do not have an off shore account, the doors are beginning to close on getting one.


34 posted on 04/29/2010 7:04:05 PM PDT by Candor7 (Now's the time to ante up against the Obama Fascist Junta ( member NRA))
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To: Ernest_at_the_Beach
Dodd has been all about instituting this crap for bloody ever. IIRC, they did the same not too long ago with credit card transactions.
35 posted on 04/29/2010 7:08:33 PM PDT by Carry_Okie (The RINOcrat Party is still in charge. There has never been a conservative American government.)
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To: SumProVita
This will never pass.

Neither will Obamacare....errrr....NEVER MIND.

36 posted on 04/29/2010 7:17:01 PM PDT by 444Flyer ("Defeat of the R.O.U.S.'s!" Coming November 2010...)
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To: Candor7

How about some off shore accounts 101 information?


37 posted on 04/29/2010 7:20:24 PM PDT by patriciaruth (http://www.freerepublic.com/focus/f-news/1993905/posts)
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To: Hattie

Not that this rings of freedom but don’t they already know everything about us? I have to report every cent I earn and report transactions over $9999.99. But, with my money in the mattress, how will I ever make a cent? NO I AM NOT posting as a SUPPORTER. just asking.


38 posted on 04/29/2010 7:22:07 PM PDT by Bronzy
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To: Ernest_at_the_Beach; Revolting cat!; Slings and Arrows; an amused spectator
PAPERS PLEASE

Democrat National Socialists are so transparent.

39 posted on 04/29/2010 7:27:36 PM PDT by a fool in paradise (The hysteria of Matthewsism and Andersonism has led to a Tea Party Scare that is unAmerican.)
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To: Ernest_at_the_Beach

Seems no one understands that all things changed on 11/4/08...and will never be the same again.


40 posted on 04/29/2010 7:28:25 PM PDT by anniegetyourgun
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To: Ernest_at_the_Beach

If I didn’t laugh, I’d be crying all the time. November can’t come soon enough.


41 posted on 04/29/2010 7:31:26 PM PDT by Mad_Tom_Rackham (It is the duty of the patriot to protect his country from its government -- Thomas Paine)
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To: Ernest_at_the_Beach

Pssst. Democrats are the enemies of freedom.

Pass it on. Six months until the election.


42 posted on 04/29/2010 7:42:57 PM PDT by exit82 (Democrats are the enemy of freedom. Sarah Palin is our Esther.)
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To: Ernest_at_the_Beach

Privacy? What’s that? All of this is possible thanks to the ground-breaking work in the name of the War on Drugs.


43 posted on 04/29/2010 7:43:24 PM PDT by zeugma (Waco taught me everything I needed to know about the character of the U.S. Government.)
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To: Ernest_at_the_Beach

Don’t know but this could be a backdoor tax “revenue” scheme to allow IRS access to bank records and see who to audit.


44 posted on 04/29/2010 7:43:46 PM PDT by plain talk
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To: Candor7
If you do not have an off shore account, the doors are beginning to close on getting one.

So is Obama going to give us financial export controls, just like they had in apartheid South Africa? Obama and Vorweord, two peas in a pod.


45 posted on 04/29/2010 8:07:06 PM PDT by magooey (then - NO JUSTICE! NO PEACE!, now - NO DATA! NO WARMING!)
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To: Ernest_at_the_Beach
and America takes another one in the........
rlmorel

46 posted on 04/29/2010 8:11:18 PM PDT by Chode (American Hedonist *DTOM* -ww- NO Pity for the LAZY)
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To: Ernest_at_the_Beach

Every day it is a new horror!


47 posted on 04/29/2010 8:11:48 PM PDT by left that other site (Your Mi'KMaq Paddy Whacky Bass Playing Biker Buddy)
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To: Ernest_at_the_Beach

Every day it is a new horror!


48 posted on 04/29/2010 8:12:31 PM PDT by left that other site (Your Mi'KMaq Paddy Whacky Bass Playing Biker Buddy)
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To: Hattie
So how are they going to track what I have in my mattress?

Phase out the old currency, and give you a time limit to trade it in for the new. Currency exchange records would be kept, and compared to tax records, etc.

49 posted on 04/29/2010 8:28:35 PM PDT by PAR35
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To: magooey

So is Obama going to give us financial export controls, just like they had in apartheid South Africa? Obama and Vorweord, two peas in a pod.>>>>>>>>>>>>>>>>

Well thats the way they are going. The latest controls were set out in the “jobs bill.” and passed in the dark of night.

See this :

*************************

It’s Official - America Now Enforces Capital Controls - By Tyler Durden, Zero Hedge (30/3/10)
By Tyler Durden, Zero Hedge
Tuesday, 30 March 2010 01:48
digg
It couldn’t have happened to a nicer country. On March 18, with very little pomp and circumstance, president Obama passed the most recent stimulus act, the $17.5 billion Hiring Incentives to Restore Employment Act (H.R. 2487), brilliantly goalseeked by the administration’s millionaire cronies to abbreviate as HIRE. As it was merely the latest in an endless stream of acts destined to expand the government payroll to infinity, nobody cared about it, or actually read it. Because if anyone had read it, the act would have been known as the Capital Controls Act, as one of the lesser, but infinitely more important provisions on page 27, known as Offset Provisions - Subtitle A—Foreign Account Tax Compliance, institutes just that. In brief, the Provision requires that foreign banks not only withhold 30% of all outgoing capital flows (likely remitting the collection promptly back to the US Treasury) but also disclose the full details of non-exempt account-holders to the US and the IRS. And should this provision be deemed illegal by a given foreign nation’s domestic laws (think Switzerland), well the foreign financial institution is required to close the account. It’s the law. If you thought you could move your capital to the non-sequestration safety of non-US financial institutions, sorry you lose - the law now says so. Capital Controls are now here and are now fully enforced by the law.

Let’s parse through the just passed law, which has been mentioned by exactly zero mainstream media outlets.

Here is the default new state of capital outflows:

(a) IN GENERAL.—The Internal Revenue Code of 1986 is amended by inserting after chapter 3 the following new chapter:

(b)
‘‘CHAPTER 4—TAXES TO ENFORCE REPORTING ON CERTAIN FOREIGN ACCOUNTS

‘‘Sec. 1471. Withholdable payments to foreign financial institutions.
‘‘Sec. 1472. Withholdable payments to other foreign entities.
‘‘Sec. 1473. Definitions.
‘‘Sec. 1474. Special rules.

‘‘SEC. 1471. WITHHOLDABLE PAYMENTS TO FOREIGN FINANCIAL INSTITUTIONS.

‘‘(a) IN GENERAL.—In the case of any withholdable payment to a foreign financial institution which does not meet the requirements of subsection

“(b), the withholding agent with respect to such payment shall deduct and withhold from such payment a tax equal to 30 percent of the amount of such payment.

Clarifying who this law applies to:

‘‘(C) in the case of any United States account maintained by such institution, to report on an annual basis the information described in subsection (c) with respect to such account,

‘‘(D) to deduct and withhold a tax equal to 30 percent of—

‘‘(i) any passthru payment which is made by such institution to a recalcitrant account holder or another foreign financial institution which does not meet the requirements of this subsection, and

‘‘(ii) in the case of any passthru payment which is made by such institution to a foreign financial institution which has in effect an election under paragraph (3) with respect to such payment, so much of such payment as is allocable to accounts held by recalcitrant account holders or foreign financial institutions which do not meet the requirements of this subsection.

What happens if this brand new law impinges and/or is in blatant contradiction with existing foreign laws?

‘‘(F) in any case in which any foreign law would (but for a waiver described in clause (i)) prevent the reporting of any information referred to in this subsection or subsection (c) with respect to any United States account maintained by such institution—

‘‘(i) to attempt to obtain a valid and effective waiver of such law from each holder of such account, and

‘‘(ii) if a waiver described in clause (i) is not obtained from each such holder within a reasonable period of time, to close such account.

Not only are capital flows now to be overseen and controlled by the government and the IRS, but holders of foreign accounts can kiss any semblance of privacy goodbye:

‘‘(c) INFORMATION REQUIRED TO BE REPORTED ON UNITED STATES ACCOUNTS.—

‘‘(1) IN GENERAL.—The agreement described in subsection (b) shall require the foreign financial institution to report the following with respect to each United States account maintained by such institution:

‘‘(A) The name, address, and TIN of each account holder which is a specified United States person and, in the case of any account holder which is a United States owned foreign entity, the name, address, and TIN of each substantial United States owner of such entity.

‘‘(B) The account number.

‘‘(C) The account balance or value (determined at such time and in such manner as the Secretary may provide).

‘‘(D) Except to the extent provided by the Secretary, the gross receipts and gross withdrawals or payments from the account (determined for such period and in such manner as the Secretary may provide).

The only exemption to the rule? If you hold the meager sum of $50,000 or less in foreign accounts.

‘‘(B) EXCEPTION FOR CERTAIN ACCOUNTS HELD BY INDIVIDUALS.—Unless the foreign financial institution elects to not have this subparagraph apply, such term shall not include any depository account maintained by such financial institution if—

‘‘(i) each holder of such account is a natural person,and

‘‘(ii) with respect to each holder of such account, the aggregate value of all depository accounts held (in whole or in part) by such holder and maintained by the same financial institution which maintains such account does not exceed $50,000.

And, while we are on the topic of definitions, here is how “financial account” is defined by the US:

‘‘(2) FINANCIAL ACCOUNT.—Except as otherwise provided by the Secretary, the term ‘financial account’ means, with respect to any financial institution—

‘‘(A) any depository account maintained by such financial institution,
‘‘(B) any custodial account maintained by such financial institution, and
‘‘(C) any equity or debt interest in such financial institution (other than interests which are regularly traded on an established securities market).

Any equity or debt interest which constitutes a financial account under subparagraph (C) with respect to any financial institution shall be treated for purposes of this section as maintained by such financial institution.

In case you find you do not like to be subject to capital controls, you are now deemed a “Recalcitrant Account Holder.”

‘‘(6) RECALCITRANT ACCOUNT HOLDER.—The term ‘recalcitrant account holder’ means any account holder which—

‘‘(A) fails to comply with reasonable requests for the information referred to in subsection (b)(1)(A) or (c)(1)(A),

or

‘‘(B) fails to provide a waiver described in subsection (b)(1)(F) upon request.

But guess what - if you are a foreign Central Bank, or if the Secretary determined that you are “a low risk for tax evasion” (unlike the Secretary himself) you still can do whatever the hell you want:

‘‘(f) EXCEPTION FOR CERTAIN PAYMENTS.—Subsection (a) shall not apply to any payment to the extent that the beneficial owner of such payment is—

‘‘(1) any foreign government, any political subdivision of a foreign government, or any wholly owned agency or instrumentality of any one or more of the foregoing,

‘‘(2) any international organization or any wholly owned agency or instrumentality thereof,

‘‘(3) any foreign central bank of issue, or

‘‘(4) any other class of persons identified by the Secretary for purposes of this subsection as posing a low risk of tax evasion.

One thing we are confused about is whether this law is a preamble, or already incorporates, the flow of non-cash assets, such as commodities, and, thus, gold. If an account transfers, via physical or paper delivery, gold from a domestic account to a foreign one, we are not sure if the language deems this a 30% taxable transaction, although preliminary discussions with lawyers indicates this is likely the case.

And so the noose on capital mobility tightens, as very soon the only option US citizens have when it comes to investing their money, will be in government mandated retirement annuities, which will likely be the next step in the capital control escalation, which will culminate with every single free dollar required to be reinvested into the US, likely in the form of purchasing US Treasury emissions such as Treasuries, TIPS and other worthless pieces of paper.

Congratulations bankrupt America - you are now one step closer to a thoroughly non-free market.

*****************************

http://www.futurefastforward.com/component/content/article/3482


50 posted on 04/29/2010 8:33:43 PM PDT by Candor7 (Now's the time to ante up against the Obama Fascist Junta ( member NRA))
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