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Hidden deep in Senator Christopher Dodd's 630-page Senate housing legislation is a sweeping provision that affects the privacy and operation of nearly all of America’s small businesses. The provision, which was added by the bill's managers without debate this week, would require the nation's payment systems to track, aggregate, and report information on nearly every electronic transaction to the federal government.
Originally posted by bakednutz
reply to post by endrun
Not sure how they would keep track of this info but I would bet it will be used by the CIA SS, or any other agency in the name of "national security" and to track people.
Payment settlement entities, including merchant acquiring banks and third party settlement organizations, or third party payment facilitators acting on their behalf, will be required to report the annual gross amount of reportable transactions to the IRS and to the participating payee
Originally posted by MemoryShock
It will probably get fed into a database that is cross indexed with various other recorded information that is relevent to the individual/business. It then likely will just stay there until there is a potential reason for it.