Bailout Bill Would Require Banks to Track and Report Personal Checking Accounts to Feds

It’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.

Required Acct MonitoringSubtitle 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.”

www.infowars.com...

www.infowars.com...

I'm not sure I understand this. All of our checking account info reported? Why would they want to monitor checking accounts? That makes no sense. What would be the point of it?

The article is dated April 30, 2010. Is this the previous bailout bill?? Or are they doing a new bailout bill too?

Have any of you heard of this?

Why would we need to be monitored from their bailing out the banks?

reply to post by Jessicamsa


Can you do some of the grunt work for your thread and see if any of these accusations are true (as in verified by credible sources)??

Why are you even calling it the 'bail out bill?' It's the financial reform bill. Don't you know that conservative psychological manipulator Frank Luntz market tested what to call the bill (regardless of whether it was apropos) to make it sound distasteful to low-information types like yourself. And that is why the republicans call the financial reform bill (that ends bail-outs) the 'bail-out bill.'

Look it up, that is a REAL conspiracy.

Best,
SN

[edit on 5/1/2010 by skunknuts]

Originally posted by Jessicamsa
Why would they want to monitor checking accounts? That makes no sense. What would be the point of it?

monitoring all checking accounts provides
transparency and leaves an audit trail
in cases of money laundering. If you don't
monitor all of them in a bank, then a bank
can filter out large sums of money
without notice thru accts not monitored.
Notice, it said checking acct
numbers and amounts but NOT names.
Once they find an account of interest
they have to have a warrant to get the
user info on the acct. If folks wanted
more transparency in banking, this is it.

Originally posted by boondock-saint

Originally posted by Jessicamsa
Why would they want to monitor checking accounts? That makes no sense. What would be the point of it?

monitoring all checking accounts provides
transparency and leaves an audit trail
in cases of money laundering. If you don't
monitor all of them in a bank, then a bank
can filter out large sums of money
without notice thru accts not monitored.
Notice, it said checking acct
numbers and amounts but NOT names.
Once they find an account of interest
they have to have a warrant to get the
user info on the acct. If folks wanted
more transparency in banking, this is it.

Hey, well said. I think this might be a case where it is necessary to take these measures. You?

Plus, the grunt of the bill concerns the big players in the financial/ banking industry. I hope that the bill is ultimately strengthened by adding to volker rule and regulations on derivatives.

Best,
SN