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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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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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