Posted on 06/19/2008 9:34:24 PM PDT by B4Ranch
June 19, 2008
Broad, invasive provision touches nearly every aspect of American commerce.
Contact:
Adam Brandon
Phone:
(202) 942-7698
Email: abrandon@freedomworks.org
Washington, D.C.
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Hidden deep in Senator Christopher Dodd's 630-page Senate housing legislation is a sweeping provision that affects the privacy and operation of nearly all of America’s small businesses. The provision, which was added by the bill's managers without debate this week, would require the nation's payment systems to track, aggregate, and report information on nearly every electronic transaction to the federal government.
FreedomWorks Chairman Dick Armey commented: "This is a provision with astonishing reach, and it was slipped into the bill just this week. Not only does it affect nearly every credit card transaction in America, such as Visa, MasterCard, Discover, and American Express, but the bill specifically targets payment systems like eBay's PayPal, Amazon, and Google Checkout that are used by many small online businesses. The privacy implications for America's small businesses are breathtaking."
"Privacy groups like the Center for Democracy and Technology and small business organizations like the NFIB sharply criticized this idea when it first appeared earlier this year. What is the federal government's purpose with this kind of detailed data? How will this database be secured, and who will have access? Many small proprietors use their Social Security number as their tax ID. How will their privacy be protected? What compliance costs will this impose on businesses? Why is Sen. Chris Dodd putting this provision in a housing bailout bill? The bill also includes the creation of a new national fingerprint registry for mortgage brokers.
"At a time when concerns about both identity theft and government spying are paramount, Congress wants to create a new honey pot of private data that includes Social Security numbers. This bill reduces privacy across America's payment processing systems and treats every American small business or eBay power seller like a criminal on parole by requiring an unprecedented level of reporting to the federal government. This outrageous idea is another reason to delay the housing bailout legislation so that Senators and the public at large have time to examine its full implications."
From the Senate Bill Summary:
Payment Card and Third Party Network Information Reporting. The proposal requires information reporting on payment card and third party network transactions. Payment settlement entities, including merchant acquiring banks and third party settlement organizations, or third party payment facilitators acting on their behalf, will be required to report the annual gross amount of reportable transactions to the IRS and to the participating payee. Reportable transactions include any payment card transaction and any third party network transaction. Participating payees include persons who accept a payment card as payment and third party networks who accept payment from a third party settlement organization in settlement of transactions. A payment card means any card issued pursuant to an agreement or arrangement which provides for standards and mechanisms for settling the transactions. Use of an account number or other indicia associated with a payment card will be treated in the same manner as a payment card. A de minimis exception for transactions of $10,000 or less and 200 transactions or less applies to payments by third party settlement organizations. The proposal applies to returns for calendar years beginning after December 31, 2010. Back-up withholding provisions apply to amounts paid after December 31, 2011. This proposal is estimated to raise $9.802 billion over ten years.
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But BY GOD! We don’t want the U.S. government tapping the phone calls made by Islamoterrorists!!!! That’s “unconstitutional!!!”
So abortion is covered under the 4th amendment, but using your Visa is not. Suppose you put your abortion on your Visa. Then what.
The way to ensure that it doesn't pass is to make a few phone calls tomorrow and then a few on Monday. Let these whores know that we will kick them out of office if they continue. STOP hoping it won't pass. Make sure it won't pass by calling your Senator's Office!
What makes you think the government obeys the law?
Excellent question!! I would love to hear the liberals take on that one!
You missed my point but that’s okay! Have a nice night.
“Why would I trade one tyrant a thousand miles away for a thousand tyrants one mile away? An elected legislature can trample a man’s rights as easily as a king.” - Captain Benjamin Martin
This is the same Chris Dodd who is proposing a bailout of Countrywide and who got a ‘VIP’ loan from the same outfit.
This is also going to increase the costs of doing business - and guess who gets to pay that increased cost...
Hypocrites.
This is just Another Door to the World of Socialism. Take my word for it that there will be REPUBLICAN Senators voting YES for the Bill. John McCain is one of the above mentioned who will vote YES unless we scare the crap out of him!
“Think of it this way, Dodd and his crew are more concerned with how and where you spend your money instead of keeping track of terrorist cells.”
What’s this “your money” thing you refer to? It’s THEIR money.
True, true.
What I'd like to know - and what the story doesn't tell us - is what the stated reason(s) for this.
Yes, I realize the stated reason often, if ever, is the true reason (just listen to OHB for examples), but they must have some justification for this in order to get others on the boat.
What (perceived) benefit could possibly accrue from act? This is all too strange.
Senate Bill Requires eBay, Amazon, Google, All Credit Card Companies to Report Transactions
1984 in 2008.
for later
I can give you many reasons why a bill such as this is a good idea. All of them have to do with law enforcement or tracking the economy. Not a single one will ever mention that I am VIOLATING the PRIVACY RIGHTS of AMERICAN CITIZENS and treating them as if they are SUBJECTS to a king or dictatorship.
If this is what I think it is, it won't just affect credit cards. The term "electronic transactions" is vague and could include debit cards, ATM transactions, anything traveling over ACH (including direct deposits and bill payments), and anything traveling over the wires (FedWire, SWIFT, etc). Even inter-account electronic transfers within the same financial institution, as well as gift cards and gift certificates, stored-value cards, and electronic Western Union transfers might be covered. I would have to examine the text of the bill more closely, though, to determine exactly what electronic transactions are covered.
I don't know how the Feds plan to track the trillions of electronic transactions that whiz through our financial computer networks on a daily basis or how they plan to differentiate between transactions conducted solely by U.S. entities. Either way, the cost of business associated with such tracking will be very high and there is the strong possibility that the U.S. Government will intrude on transactions conducted entirely outside the U.S. except for the fact that they are ever so briefly on U.S. financial computer networks.
But yes, as other posters have alluded, I suspect that the purpose of such tracking is to support Internet purchase taxation, as well as monitoring and controlling how much cash citizens can possess and move around freely.
I know this has already been posted but I feel it is IMPORTANT and should be posted again on Saturday. We see numerous dual and triple posts of the same article having to do with some hollywood star and rarely does anyone mention the repeated posts. So unless you are socialists or Democrats and embarrassed that we are going to fight for our rights, get off my butt.
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