Tuesday, May 4, 2010

Financial Reform Will Create Massive, Intrusive Bureaucracies - More Big Brother

This provision, establishing a new 1,000 employee department, will take another big chunk out of our personal privacy and freedom. Do you need another reason to oppose this bill and vote out all the liberals in November?

It may take decades to discover all of the malignancies tucked away in the thousands upon thousands of pages of unread leftist legislation Comrade Obama & friends have been ramming through into law. Here's something that's already come to light in their "comprehensive" attack on the financial sector:

A little noticed section (Section 152, page 63) of the Obama administration's Financial Reform bill would create a new 1,000-employee office within the Department of the Treasury, the Office of Financial Research, which is raising alarm bells among Senate GOP staff, who say the entity would have broad powers to invade the privacy of American citizens and monitor their finances and financial activity at a level never before allowed by the federal government.

Under the bill's current language, according the Senate Banking Committee sources, the OFR under the new federal law would be allowed to collect any financial data it chooses, whether from individual citizens or businesses. Under the language of the bill, the data center can collect and maintain "all data necessary" to monitor the financial system. Wall Street executives are also concerned, because of the kind of "competitive intelligence" such an entity could collect.

"As we read this legislation, the CFPB could mine for whatever data they want, bank card activities of a subset of American citizens, credit card debt and payment patterns, who is spending money on whatever," says a Senate committee source. "And if the business community isn't already scared out of their minds, they should be."

Informed Americans who liked living in a free country have been scared out of their minds since November 2008.

Perhaps more chilling, the data collected by these new entities would not be protected or necessarily confidential. Rather, Senate staff believe in reading the bill introduced and negotiated by Sen. Chris Dodd, data collected by the offices could be shared with other government agencies, including executive branch agencies such as the IRS.
Read complete article here.

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