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Financial Regulatory Bill Approved by House Gives Feds Power to Subpoena Any Record from Any Financial Institution Without Establishing Any Probable Cause
The final version of President Barack Obama’s financial regulatory bill, hammered out in negotations between House and Senate Democrats, contains a provision that grants the federal government the power to subpoena any financial information it wants from any financial institution without showing probable cause that a crime has been committed.
The 4th Amendmnent to the U.S. Constitution says: "The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized."
The subpoena provision in the bill creates the Office of Financial Research and empowers it to collect “any data or information” from “any non-bank financial company or bank holding company” it deems necessary to monitor the nation’s financial system.
“The Council may receive, and may request the submission of, any data or information from the Office of Financial Research, member agencies, and the Federal Insurance Office, as necessary – (A) to monitor the financial services marketplace to identify potential risks to the financial stability of the United States,” the bill reads.
(A) IN GENERAL.--The Council, the Office of Financial Research, and the other member agencies shall maintain the confidentiality of any data, information, and reports submitted under this subsection and subtitle B.
(B) RETENTION OF PRIVILEGE.--The submission of any nonpublicly available data or information under this subsection and subtitle B shall not constitute a waiver of, or otherwise affect, any privilege arising under Federal or State law (including the rules of any Federal or State court) to which the data or information is otherwise subject.
Originally posted by Ghost of Chewie
Just another instance where the Obama Machine figures that our Constitution isn't worth the paper it was written on.
More than likely, THEY NEVER READ IT!!
Public officials who piss on the Constitution that they are sworn to uphold, should be subject to imediate impeachment and public flogging!!
Originally posted by Iamonlyhuman
Have you read it? I'll link it here for you: United States Constitution . This bill, as written, is not unconstitutional.
The constitution doesn't protection corporations or companies but private citizens.
Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.
A well regulated Militia, being necessary to the security of a free State, the right of the people to keep and bear Arms, shall not be infringed.
No Soldier shall, in time of peace be quartered in any house, without the consent of the Owner, nor in time of war, but in a manner to be prescribed by law.
The right of the peopleto be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized.
No person shall be held to answer for a capital, or otherwise infamous crime, unless on a presentment or indictment of a Grand Jury, except in cases arising in the land or naval forces, or in the Militia, when in actual service in time of War or public danger; nor shall any person be subject for the same offence to be twice put in jeopardy of life or limb; nor shall be compelled in any criminal case to be a witness against himself, nor be deprived of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without just compensation.
In all criminal prosecutions, the accused shall enjoy the right to a speedy and public trial, by an impartial jury of the State and district wherein the crime shall have been committed, which district shall have been previously ascertained by law, and to be informed of the nature and cause of the accusation; to be confronted with the witnesses against him; to have compulsory process for obtaining witnesses in his favor, and to have the Assistance of Counsel for his defence.
The enumeration in the Constitution, of certain rights, shall not be construed to deny or disparage others retained by the people.
The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.
Originally posted by evil incarnate
Obama is going to make it easier to keep and eye on the secret dealings of Godlman Sachs and Bank of America? How dare he. It is companies like this that make life better for all of us. If he can just look at any financial records that USE THE GOVERNMENT to make money, next thing you know, he can take your kids teddy bear.
SAVE THE GIANT FINANCIAL INSTITUTIONS AND RICH TAX SHELTERS!!!!
Why should these people be foreced to pay taxes and not screw people? Why should he get to check?