Bailout Bill Would Require Banks to Track and Report Personal Checking Accounts to Feds

biggovernment.com ^ | April 29,2010 | Capitol Confidential

[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.

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.

[Deo volente]

So how are they going to track what I have in my mattress?

Zero's civilian police force will pay you a "friendly" visit.

[NormsRevenge]

Yes, an image will appear .. eventually.. and then the hammer. ;-]

[EGPWS]

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.

[Ernest_at_the_Beach]

LOL!

[PubliusMM]

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

[Blood of Tyrants]

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

[Mad_Tom_Rackham]

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

[blam]

"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.)

[Ernest_at_the_Beach]

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

[Typical_Whitey]

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

[screaminsunshine]

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

[Bobby_Taxpayer]

"This will never pass."

That is what everyone said about Obamacare.

[july4thfreedomfoundation]

Cass Sunstein needs to be swinging from a rope.

[Candor7]

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.

[Carry_Okie]

Dodd has been all about instituting this crap for bloody ever. IIRC, they did the same not too long ago with credit card transactions.

[444Flyer]

This will never pass.

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

[patriciaruth]

How about some off shore accounts 101 information?

[Bronzy]

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.

[a fool in paradise]

PAPERS PLEASE

Democrat National Socialists are so transparent.

[anniegetyourgun]

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