Bailout Bill Would Require Banks to Track and Report Personal Checking Accounts to Feds
by Capitol ConfidentialIt’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.
So, if the CFPA Czar see’s 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 Czar’s think beneficial.
But CFPA will impact your life even before they give away your personal data. Remember that part of the excuse for including this authority is to make policy recommendations. So, be careful not to run your credit limit too high above the amount of money you are depositing in the bank or the CFPA will know you can’t pay your bills and make the appropriate “policy recommendations”.
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.
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730 Comments
Keep calling your Rep senators to tell them to get this out of any reform bill or VOTE NO it if Democrats try to ram it through. Huge invasion of privacy as you can see from the article. We need less government not more. I hope our country and citizens can make it to 2010 & 2012!
I swear to all that is holy, if any of this shit passes, I will fly to DC at my personal expense and take a big steaming dump on Dodds car (taxpayer funded I'm sure.) What effing criminals we have running this country.
Police can't ask for your "papers" but banks now have to supply the gubmint with, arguably, more important papers. The road to hell is paved with good intentions!!! Viva La Revolution!!!!
Republicans are sooooooooooooooo freakin toast if this passes. OMG.
If they thought the tea party was pissed before this bill…..
I will be asking my employer to stop direct deposit and provide a paper check, which will be cashed. Bills will be paid in person, in cash. If I can't pay it in cash, then I don't need it.
I need to start looking at houses in Costa Rica again!
Do a little research on something called check 2-1 or check 21.
Make sure to eat a lot of Fiber before stand on that hood!
Mr. Hankey won't come otherwise – Hoooooowdy HO!
Of course progressives love this BS. They are like rats devouring thier own tail.
King zero really doesn't like banks – all of us will do business like drug dealers – With Cash!
Good thing they have those printing presses running overtime.
Checkbook Tax……!
Doesn't the health care bill already let them look at your bank account in order to determine your ability to pay? This is just the next step.
CLOSING EVERY I HAVE account i
Wonder if I can get my employer to starting paying cash……?
Up is down, down is up, were just doing this to protect you.
And be sure to hit the windshield, more effective when he turns on the blades…
How is this OK? When Bush got the Patriot Act the left freaked out, and rightfully so for some of the provisions. The P.A. is nowhere near what the healthcare does and what this new bill will possibly do. Not only has the Gov. expanded the P.A. but now they come up with this stuff? Keep up the good fight, we cannot allow this type of governance.
Hey, no stories on the benefits of drilling for oil off the American coast? What gives? You would think with how well things are working out in the Gulf of Mexico you would want to be all over that story? I guess not.
Cash and carry.
So what do you do when a Govt. employee steals your personal info for his/her own use? Who do you complain to? Lifelock et al probably can't help you in a situation like that, because they won't be allowed to track the thief down- they're the Feds, after all.
Peachy. Just peachy.
Between this and the bill's requirement to file 1099s for any payment of over $600/year (rent, services, repairs, anything), I can see why they are going to need 16,000 new tax agents.
They want to document who gets what, when, where, how and why. This will come in handy for tax policy and figuring out who they should nationalize next.
Yeah right, like you would be allowed into the congressional parking lot.
And they say The Tea Party is a bunch of Nazis.
Remember your employer will become a criminal if they pay you without SocSec and Medicare taken out of your check – they must prove they paid you with a check because they have to report this to the government and without a check they do not have that proof.
Hold still, this is going to feel like a bee sting…
You just walk into some of them, in case it helps to know that.
Thank God in Heaven they aren't after my library book list. OHHHHH the irony.
Who has this kind of time? I have a life and I'd like to see the great outdoors. I guess I can track all of this while sitting on my patio.
On the contrary, we should all open about 50 bank accounts and leave a penny in each one, deposit a dollar each month and take out a dollar each month. Think about how many accounts the feds would have to track then…
I think I'll just hand over my wallet and checkbook to the Hussein regime. They own us all, anyhow.
NOT!!!!!!
Starve the Pig-o-crats! Shift your savings ASAP! The safest investment I can think of involves a mattress and box-springs, a guard dog and Smith & Wesson.
Is the Dodd Financial Reform bill posted online somewhere where we can read this in context??
Incumbents are toast anyway.
Won't matter … when (note I no longer say "if/when") liberty dies here it dies everywhere. Costa Rica will probably be invaded by Chavez once America is no longer strong enough to protect it.
If a lot of people close accounts at banks, might that bank go out of business, leaving just a few select large banks in business. Then what happens to the share holders in that bank. Losers again. Wait for it, Govmint Bank arrives in time to save the saver. Does this law apply to credit unions, too, or does it send them to the memory hole.
I just wrote both my Rep's:
"I am writing to voice my opposition to the Financial Reform bill currently under debate in the Senate. I have just learned that on pages 1039-1040, a provision is in there allowing the Federal Govt. full access to all of our personal checking and savings account information. The banks will be forced to produce this information upon request. This is an invasion of privacy that cannot stand. Thanks for your consideration."
I will be calling them as well. I hope everyone will do the same.
May I suggest ingesting a couple of buckets of KFC extra crispy and a six-pack of Bud before you carry out this brilliant act of civil disobedience?
Seriously, I don't think Dodd would even notice because he IS a big steaming dump.
Just don't get caught carrying "too much" cash or the police will confiscate it and force you to PROVE you didn't acquire it via the drug trade (yay war on drugs, yay RICO).
Buy stock in Reynold's Wrap – the "tin foil hat" folks were right!
Every stunt the mental midget left comes up with seems to have several severe unintended adverse consequences. Thismeans the crooks that were minorities, unemployed, had no down payment, had no income would not need to lie and fill out the standard ACORN loan application. You could harvest all their records by access to files and know they were buying a house and never could make a house payment.
Obama is a thief from a socialist standpoint. He could have your records and the pay czars could deciide you are making too much. Tell Warren Buffet that. Did Spitzer send the hookers a 1099?
Now THAT would be delightful. Give them a real headache when trying to track us. Of course, the fascists would quickly draft a new law saying we can only use one bank. But it would be fun in the meantime…
Hey, BG or Capitol Confidential… your graphics aren't. I don't know what you intended but blank.gif shows on three browsers from my end.
Now for a dose of humor…http://www.youtube.com/watch?v=zR2ipu20WBQ&fe...
I heard this was in there and does not surprise me a bit.
The health care bill also has massive economic domestic spy features embedded into it with national ID cards and ability to track and enforce private accounts — so that they can be debited remotely for amounts claimed by the IRS. The NSA is also putting massive supercomputers in the mountains of Utah with the goal of tracking all computer activity in the world.
This is command and control of individual private property owned by individuals. Cass Sunstein is on record as saying that he does not believe money belongs to individuals, he says it belongs to the government, because they print it!
.
Weed, I think you're right. I'm keeping the next mayo jar handy for burial in the yard. Bastards try and track that….
Time to go to the barter system, people. Only trade with people you know and trust. Always use cold hard cash, gold or other precious metals, or other merchandise in exchange for goods. Break out the wood stoves and laterns. Grow your own gardens, etc. Make peace with your neighbors and mobilize. Trouble over the horizon.
P.S. Keep your gun cabinets well stocked with ammo and the safety trigger OFF.
What world is this from what movie? Running Man, 1984, V for Vendetta… anyone have an idea b/c I'd like to ffwd and see how it ends.
This is what happens when you have a gigantic bill in play that NO ONE has read. This bill is what 13-1400 pages long, who WROTE IT? This is the question we all should be asking, who wrote it?! Lets find out and make sure they never have anything to do with government, policy etc for the rest of their pathetic radical twisted life. I am curious on something else Amerika… when are you going to take the gloves off with these ppl systematically trying to "fundamentally transform" this nation but IMO systematically destroy it?
Isn't your ass sore from all of this yet??
STOP and play your game through http://www.savingtherepublic.com
That's my plan!
Bills like this scare me. Not because of what is quietly obvious, but because of what is unintended and unwritten. If this passes, I bet the loopholes we find years from now will be stunning.
A few years ago, I was watching a group of folks panning for gold in the Rocky Mountains neart Denver. I asked why you are going to such lengths. They thougth that soon the government would have us all on debit cards and gold would be a way to get around this. You sell your car it goes on a debit card, you go to the flea market and sell some items, the money goes on the debit card. I thought they were crazy….now…just ahead of their time.
I didn't buy stock but I always have plenty IN stock.
I did this very same thing right after the election in 2008 …
Paid off all the credit cards (which wasn't much) Closed all the Bank accounts , and haven't regretted it one bit…
Pay a small fee of $3.00 ($6.00 monthly) to cash a payroll check at my local Pawn shop…Pay .50 cents to purchase money orders at the grocery store to pay utilities ($ 2.00 monthly ) Stamps ($ about 2.00 a month)..
I have a total of $10.00 to do what a bank does for less than half the monthly cost….
Just remember what the ACORN 'ladies' said about covering your stash. Maybe cover the area with some nice flowers….
Believe it or not, it is:
http://banking.senate.gov/public/_files/Chairmans...
Awesome!
"so that no one could buy or sell unless he had the mark"
inch by inch… day by day… the "conspiracy theories" seem to be more and more accurate. It could be because we were actually reading the crap that was coming out of D.C. and elsewhere while the majority of Americans were to busy idolizing the #1 god (MONEY)??
Welcome to the party barge latecomers… we've been warning about this for a long time… now you get to see it with your own eyes. Feel good for spending so much time calling us "crazies" while WE were the ones trying to keep this from happening. Glad to finally have everyone on board.
yes barry and the progressive libtard left in his administration and congress must go come November!!! if not sooner….
This shit is driving me INSANE!!!! I want the Government our of my life, not more of it!!!!
Hope and Chains!!!!
I hope you Obamao voters are getting what you wanted! DAMN!
Here's the link to the bill online everybody, but the actual page in question is 1218 on the PDF file:
http://banking.senate.gov/public/_files/Chairmans...
Here's what they want to "inspect"-
10 (1) DEPOSIT ACCOUNT.—The term ‘‘deposit ac11
count’’ includes any checking account, savings ac12
count, credit union share account, and other type of
13 account as defined by the Bureau.
14 (2) FINANCIAL INSTITUTION.—The term ‘‘fi15
nancial institution’’—
16 (A) has the meaning given to the term ‘‘in17
sured depository institution’’ in section 3(c)(2)
18 of the Federal Deposit Insurance Act; and
19 (B) includes any credit union.
20 (g) EFFECTIVE DATE.—This section shall become ef21
fective on the designated transfer date.
White Castles for breakfast? Buy em by the sack!
So my medical information will be in a database and now my deposit activity as well? I call bullshit.
Great Idea! Sign up for online banking and keep moving money around in circles. BusProf you are on to something.
LOL
[...] They are getting nucking futs. Just drop your drawers, bend over, and let the Bammster take a sniff. [...]
If that is what it's going to take, then yes, viva la revolution – I'm beginning to see no other way around this -
stfu you dumb ass troll – I seriously wonder how the hell you people even exist what with being so void of an ounce of common sense! Move to cuba if you want a dictator -
I sincerely hope we are all getting to the point where we no longer give a crap what they call us!
Nothing like good old America HATERS to point fingers – how the heck to a relatively small group of complete lunatics gain control of this country???
I for one couldn't care less what they call me, I know the truth and so do they!
I vote for sooner
It's all making perfect sense now! To read it was one thing, to live it, quite another! We are there people, 100% -
Link to the bill -http://banking.senate.gov/public/_files/AYO09D44_... You all should really read this before jumping on this bandwagon. I have just read the section in question and it is about collecting data, but general data. Do you really think that every transaction that you run is not already stored somewhere. They can already access this data this just makes the financial institutions have to provide it to the government in order for the to track where money is going. Your personal data is going to be striped from the collected data. Don't tell me you dont' think they already know this. Sheesh!!!
That criminal Sunstein, I pray I see the day he's behind bars, along with the rest of these America haters -
No lie killing, all the complacent nay sayers and the lefty loons – this is so beyond serious I can't imagine ANYONE with a brain cell would still deny what is happening – it frustrates me to no end -
I doubt the obamantor voters even knew what they wanted! And those that had a hint of what they wanted, they were confused, they wanted to be taken care of, not controlled – fools, every damn one of them
As Sarah might say; "How's that drilly spilly thing workin' out for ya?"
That old coffee tin buried in the back yard is looking better every day! (At least I'll be able to drink coffee, when I can't afford tea any more.)
That is the funniest thing I heard all day, thanks
Did you go to page 1218 like I said above? The article has the wrong page number listed.
Really enjoy your opinion. Perhaps men urban clothing information could guide someone there.
Even so, what right does the gov have to the amount in my banking account? I file my yearly federal tax return so they know my taxable wages. They also know how much interest my accounts earn. Frankly, that is all they need to know.
I will close my saving accounts and keep my checking to the bare minimum. With the low interest rates, its not like I am losing much money anyway. I will put it in a fireproof safe in my home I will start paying every bill possible in cash. I am going to save a lot of money, because its always easier to write a check that pay cash. If Obama and the congress want to turn this into a third world country so be it! But I will vote and try to get all these incumbents out of office.
Who is this “Bailout Bill” I keep hearing about? Somebody should fire that guy.
cap and tax bans wood stoves
Gotta have foil in the hockey bag, eh?
try to ban my stove and someone will feel the tax of a cap….shotgun variety.
like the sign reads, "Trespassors will be shot on sight….survivors will be shot twice."
Didn't that hag Christina the president of Argentina do something similar there too?
So it's only conservatives that use or need oil dumbass? You jackasses will use absolutly anything you can to smear people you disagree with. What are we suppose to do for our energy needs? Wind power, photovoltaic? We need oil, and yes accidents can and will happen, but it was not a political spill you festering boil. Get a life and go back and hump Matthews quivering leg.
That is so funny. I keep saying I'm moving to Costa Rica. Nice that
others feel the same way. I'm just about to do away with checking
accounts. Next will be to liquidate my 401K. It looks like they may
try to force us into a national pension with those. Andy Stern is
behind that and he's on the debt commission.
Try to stay on subject troll
Subsection 53A requires the Coast Guard to buy fuel from Citizens Energy. Citizens Energy is run by Joseph P. Kennedy II, and gets cut rate oil from Venezuela. Therefor, the bill requires the U.S. taxpayer to subsidize Hugo Chavez!!
In the meantime it would be very smart to return to CASH and leave no trail for the Feds to follow. Deposit your check and write ONE check per month for cash and disburse as needed. Requires a bit more time to pay bills but you maintain your privacy from these corrupt bastards. I have been doing this for over two years. No audit trail.
Of course you small business people know what to do regarding revenues…heh..heh..heh… Stay at the 20% to 25% level.
Nothing should surprise any American. This bill is not about Goldman or wall street. This , like all others put forth by this administration, is getting their claws into every corner of our lives and robbing us blind. Nothing this administration does is as it appears. If the administration was serious the first thing they would do is check out fanny and freddie and the dude that walked with 90m that he received during the pre-meltdown period. Then Get those in congress to testify, under oath what roles they played in the melt down. But they're liars so we won't hear it from their lips. How about the bill proposed in 2005 to curb fannie and freddie from accepting more toxic loans. Yea, the one congress voted down including then senator Obama. Yea, lets hear it about all the corruption on wall street, but what about the mechanism that put the toxic loans out there for wall street to roll up into derivatives? Couldn't be the COMMUNITY FAIRNESS ACT(1977) that gave congress and organizations such as ACORN the ability to black mail banks into giving out these toxic loans. Yep, get everyone into a home….it's their right. Come on congress lets hear that part of the story after you get done with Goldman.
I will be going ALL cash if this happens, screw that noise.. no govt flunkie needs my personal bank acct info. NO WAY IN HELL. This just smells like totalitarian democrat idea ALL the way
I need to stop coming here. I want to throw up too much when I do.
DDA and savings accounts are not being paid anything in terms of interest accrued or otherwise. Peace of mind dictates the sacrifice of interest for the protection of capitol. Install a floor safe embedded in concrete in an out building, your residence or the "back forty". Fix the position with your GPS. When you get your paycheck take it to the corporations bank and cash it directly…..avoiding your checking account. Use and challenge your imagination…it will serve you well if we lose in November !
They are coming after your capitol which is why an identification trail is being suggested in the regulations. Doubt me ?? Do little research about Argentina from 1930 to present. It will become very clear to you.
[...] Bailout Bill Would Require Banks to Track and Report Personal Checking Accounts to Feds [...]
Where exactly is this? A quick search of the entire bill only shows the word energy once, and it's not referring to 'Citizens Energy'…
Oh honey, I am sorry you missed the irony of that statement.
The Leftists (and others) were SCREAMING to high heaven about library reading lists a few years back. They were correct to scream. The irony is that now THEY are the ones invading our privacy.
My library list is not too interesting, but it is mine. My banking accounts are mine as well.This is an even bigger deal. It is easy for me to avoid a library, not so easy to avoid a bank.
Here is a dirty little question that I am MOST confident has a digusting BIG answer ! Ummmmm Who WROTE this piece of legislation and how did it appear so quickly on the horizon..mmmmmmMMMMMMM ? ? ?
Sniff ! Sniff ! Sniff ! (Hint… It sounds strangely familiar as in it fits in the 1994 HILLARYCARE crash and burn attempt to take control of the masses). Boiler plate and paste !
You folks just don't get it! Its the BANKS AND THE BANKSTERS STUPID WRITING THESE BILLS AS A DIVERSION TO GET EVERYBODY ALL TICKED OFF! Attack the emotional body, create disharmony and discord. While we are all bitching and moaning about the BS that congress is putting into the bills ask yourself this question. Who is writing these bill and for what purpose? The BIG BANKS YOU MORONS! Now that I have ticked you all off pay attention, "You must be present to Win!" Just a simple email, fax or letter to your congress critter telling them they are gone next November and if they pass this we will come after them for TREASON AND SEDITION. HEY THEY DECLARED US TO BE ENEMIES OF THE STATE AND THE BANKS SO START DOING SOMETHING ABOUT. STOP PISSING AND MOANING ABOUT. BE AMERICANS FOR GOD SAKE!
Chickens for checkups1 Chickens for checkups!
[...] » Bailout Bill Would Require Banks to Track and Report Personal Checking Accounts to Feds R… [...]
How can they mandate that financial institutions make publicly available information about the account holders' balances without the persmission of the account holders? This is a HUGE violation to our right to privacy, along with our medical records being put into a database (I'm assuming the patient does not have the option of not having their records in the database and this,by the way, violates the health information privacty act).
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