The Dodd Financial Reform bill, named after its sponsor, Demonrat Sen. Chris Dodd, is also known as the Restoring American Financial Stability Act of 2009. The bill’s ostensible purpose is to increase and tighten federal government oversight over the bank and capital market so as to avoid and prevent a collapse of Wall Street like the one we had in 2009, which necessitated government bailouts of big financial corporations such as AIG.
Here’s a question for you: “What does this bill have to do with our personal checking accounts?”
H/t beloved FellowshipOfMinds member FS!
Bailout Bill Would Require Banks to Track and Report Personal Checking Accounts to Feds
by Capitol Confidential – Big Government – April 29, 2010
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 sees fit. So, if the CFPA Czar sees fit, information about your deposit account activity could be shared with the IRS, immigration officials, state officials, or any other entity that the Administration and their various Czars think beneficial.
…This is exactly why conservatives have fought so hard against things like national ID cards—if the government is authorized to collect and utilize data, there is no way to prevent the government as a whole or certain individuals within the government from using the information against the citizens. But passage of the CFPA will settle the whole ID card thing once and for all. There will be no need for them because if you have a bank account, you already have a number and the CFPA will have it.
The breadth of sweeping new powers given to the federal government by these three pages is astonishing. Yet we have heard nary a peep about this provision.
After capitulation and surrender, Republicans will have a chance to amend the legislation when it comes to the floor of the Senate and protect the private details of your banking account. But if they don’t, smile the next time you go to the ATM because Big Brother will be watching.