Trust me, I am from the government.
The sucker line of all sucker lines is being bought by the American public. The newest incarnation is a bill that would create the Bureau of Consumer Financial Protection.
One aside, don’t you love Washington, it names the bills the exact opposite of what they do.
This “bureau” will have access to all your financial records, ATM transactions, addresses, and the like just to protect you.
My question is from whom? The evil capitalists?
I am more afraid of the bureaucrats myself. Access to this information will allow them to monitor my behavior and track my every move.
I can not wait for the call, “Mr. Royce, can you explain why you took out $500 from your ATM last week?” Please go to the BCFP website, bcfb.gov and fill out the form for large cash transactions.
So the government will know the present I get for my wife before she does for our anniversary. That I paid cash so it would not show up on the credit card ledger and give away the surprise is the governments business?
Be afraid folks, be very afraid. The government of today wants to know every detail in our lives. Knowledge like that is powerful, and can be used to control our behavior.
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 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.
Senator Richard Shelby (R-Ala.) said that Democrats who claim this new bureaucracy will protect consumers are misleading the public.
“[T]he American people are being misled,” Shelby said on the Senate floor on Thursday night. “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. I am afraid that they are going to be disappointed.”
Shelby slammed the new consumer bureaucracy, saying that it was meant not to protect consumers but to “manage” them by monitoring their behavior.
“Mr. President, make no mistake, behind the veil of anti-Wall Street rhetoric is an unrelenting desire to manage every facet of commerce under the guise of consumer protection.
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