The Senate voted 59-39 on Thursday to pass the bill, the chief aim of which is to more-heavily regulate the financial industry. The bill now goes to a conference committee in the House of Representatives, where differences between the House and Senate versions will be ironed out.
The bill, if it becomes law, would create the Bureau of Consumer Financial Protection and empower it to “gather information and activities of persons operating in consumer financial markets,” including the names and addresses of account holders, ATM and other transaction records, and the amount of money kept in each customer’s account.
The Bureau of Consumer Financial Protection? Orwellian doublespeak.
The new bureaucracy is then allowed to “use the data on branches and [individual and personal] deposit accounts … for any purpose” and may keep all records on file for at least three years and these can be made publicly available upon request.And how is this regulating the banks?
“The authors of this bill are telling them that this legislation has been drafted to address the recent financial crisis and that it will ‘tame’ Wall Street.
The ability of the Federal Reserve to collect such detailed information about the most basic of financial transactions was the beginning of an effort by government to regulate every financial action of every American citizen.
The Federal Reserve, private banksters, able to collect and store, use and abuse all of the people's most basic financial transactions.
Bankers given more control via their lackey government stooges. (Fascism)
Food for thought? I would think so