Skip to comments.Bailout Bill Would Require Banks to Track and Report Personal Checking Accounts to Feds
Posted on 04/29/2010 5:32:56 PM PDT by Ernest_at_the_Beach
Its 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.
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.
Whats 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 rulesrules set by CFPA themselves.
So, lets get this straightthe 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 sees fit.
(Excerpt) Read more at biggovernment.com ...
Not sure what is going on,....website hints there is an image in the white spaces...
So how are they going to track what I have in my mattress? Guess they want a run on the banks next.
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.
WTF...lock and load!
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.
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
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.
Power hungry, over reaching, pot smoking, addled brained ... IDIOTS!!!!
Bank of Sealy, here we come!!!
Comments (115) at the website....might be something in them.
(So how's that drug war going, drug warriors?)
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.”
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.
Feingold, are you still day dreaming about the “warrantless wiretaps” of yore?
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!
***********************************LINK TO BILL************************************
Here's the link to the bill online everybody, but the actual page in question is 1218 on the PDF file:
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.
This will never pass.
How many bills is this going to be written into?
Hey, folks, have you been sleeping?
It’s already IN the ‘health care’ bill
And these bozos worry about ILLEGAL aliens having to show their papers? This is far worse.
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