Re: Bankster Dilemma: Fed Audit Looms
Turns out there may be a poison pill in the bank ‘reform’ bill:
The bill sets up two new supersnooping federal agencies to collect data on ordinary Americans:
•The Office of Financial Research. This supposedly would predict risk in the system by collecting massive amounts of new financial data, such as patterns of credit card use.
•The Consumer Financial Protection Bureau. It would collect data, especially on consumer transactions.
The data are supposed to be “scrubbed” of individual identifiers, so your privacy would be protected. But that might not work, Mark Calabria told us; the director of financial regulation studies at the Cato Institute formerly was a member of the senior professional staff of the U.S. Senate Committee on Banking, Housing and Urban Affairs.
“If you can link the data to courthouse records of housing sales,” he said, then anyone can find data on others. “Much of this goes beyond what banks do now” to keep data. Under the new law, the government would detail “your charges at Macy’s and car payments. It would be fairly detailed information.”
Another problem, he added, is that the law “is extremely vague and empowering of the regulators. You as a consumer will have no opportunity to opt out. They’ll be collecting, anyway, and you won’t even know.”
Mr. Calabria said the bill could grow to near 2,000 pages before it’s passed in a final form. So, like the 2,400-page Obamacare bill, it’s another legislative monstrosity that no one, even those who write it, will be able to understand.
Leave it to the banksters to impose this Hobson’s choice: to audit the Fed, we must sacrifice the last shreads of financial privacy as the government vacuums up ALL transaction data.