Posted on 04/23/2024 6:08:37 AM PDT by Twotone
Today, the New Civil Liberties Alliance launched a Complaint against the Securities and Exchange Commission (SEC) challenging the agency’s unconstitutional “Consolidated Audit Trail.” The CAT is the largest government-mandated mass collection of personal financial data in American history. Without any statutory authority, SEC is 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, which SEC and private regulators can access forever. NCLA is asking the U.S. District Court for the Western District of Texas to stop this unlawful, unprecedented seizure and mass surveillance scheme in its tracks.
Like thousands of other Americans, NCLA clients Erik Davidson, John Restivo and the National Center for Public Policy Research expected the government to respect their constitutional rights. Running roughshod over that sacred trust, SEC has seized their data in violation of Article I of the Constitution, the Fourth Amendment, the Fifth Amendment, and the First Amendment’s freedom of association and expression. SEC’s ultra vires action also violates the Administrative Procedure Act. NCLA is pleased to have the assistance of the Cherry Johnson Siegmund James PLLC firm in filing this lawsuit.
The CAT database would reportedly be the largest securities database ever created, and the most massive government database of any kind outside the National Security Agency (NSA), putting every American’s financial data and security at grave and needless risk from cybersecurity breaches. Amassing all such data in a single government database exponentially increases the likelihood and scope of a dire security breach imperiling the financial security of all Americans.
Congress never authorized SEC to set up such a data collection and surveillance system. By doing so anyway, SEC seizes legislative power, clearly violating Article I of the Constitution, which vests Congress with all lawmaking authority.
(Excerpt) Read more at abc27.com ...
Biden heads the Biden Crime Family.......so Biden’s SEC is surveilling
financial data from stock trades being made on the American exchanges.
Or ponder this...maybe Biden is making the money flow data, into and out of various Stocks and Bonds,
and making the info available to the family, and to folks who benefit most from insider trading.
Biden heads the Biden Crime Family..........
Maybe Biden is using the SEC to make the money-flow data, into and out of various Stocks and Bonds,
and making the info available to the Crime Family, and to insider trading folks in Congress.
As long as he gets his 10%.
Surveilling financial data is a big thing with the feds now if you withdraw large amounts form your bank the the banks have to inform the feds.
You are guilty (of something) until proven innocent comrade.
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