Obama wants your freedom!! Its in writing!!

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."

Just another glaring example of this administration's blatant disregard for the Constitution. I suppose Obama studied the Constitution so he would know how to dismantle it.

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.

cnsnews.com...

So by acting on the evil institutions first, they are paving the way to do the same with private individual accounts like yours and mine.

What's Next?? This bill is 2000 pages long and full of little gems like this. Of course it has to pass before we know what's in it!!

And also "(B) to otherwise carry out any of the provisions of this title" -- which is a much bigger gap than " to monitor the financial services marketplace to identify potential risks".

There's some slight confidentiality measures:

(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.

So I wonder if that means the data collected is inadmissible in court?

Certainly there's an argument that citizens have voluntarily given this data up to corporations, and thus have waived possible 4th amendment claims. Not a valid argument, in my opinion, but I bet that's what we'll hear.

You Sir are earning your political wings in the big political heavens in the sky.

Keep it up. I know it may seem at times you are standing alone-beating the drums--- but people are listening and reading more and more. Keep up these great presentations of facts/info/evidence that you do so well.

Scary to think that we can only imagine what they are cooking up and doing in the White House.

Shame

[edit on 7/12/2010 by anon72]

Way too late, Bush and the republicans already took your freedom years ago with the Patriot Act.

reply to post by damwel


Well, and before that it was the Executive Orders in the Regan era. Sure, there's lots of things to point at.

And it may well be shouting impotently against the wind.

But that, in itself, is what holds these powers in check. A public that won't tolerate their abuse.

So pointing out perceived abuses is always important, even if you've given up hope that they can be directly defeated. Because it maintains the balance.

I may be misunderstanding the bill, but it seems that it is aimed at the big fish.

Those in middle class spend their earnings and don't have enough invested to consider hiding.

From a 2006 UN paper. 10% of the population own 46% of the Worlds assets.
15 % own 85% of the World's assets. That leaves 85% of the rest of the World table scraps of 15% of the assets.

I say go ahead and redistribute some of those assets in the top 15%. While me and mine just try and keep our house and health.

reply to post by awakentired


I see what you're saying but I view this legislation as a gateway law when it passes and begins to grow legs and tentacles. It's all about precedent and the laying of a foundation.

Like any bill there are some decent provisions in it. These are the "Sales Features" that we are fed by the MSM and the White House. Sadly the rust proofing, extended warranty and paint protection are always included with these packages regardless of what we actually want and need.

reply to post by jibeho


Wow im so tired of Obama! we are all going to be up the creek when the active libs take over the Supreme Court. once that is gone you can say good by to the constitution.

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!!

reply to post by jibeho


Although I do believe Obama wants our freedom and its in writing lots of places, I do think you're stretching this one a bit. The constitution doesn't protection corporations or companies but private citizens. Yes, the "gateway bill" argument is a good one, but any legislation that allows citizens' information to be subpoenaed without probable cause would be unconstitutional a most likely would be overturned as long as someone was willing to fight it.

But, in your opening paragraphs, you quote that the final version of this bill is unconstitutional which is clearly is not.

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!!

Have you read it? I'll link it here for you: United States Constitution . This bill, as written, is not unconstitutional.

I know it's not a popular opinion here at ATS but it's reality. There are PLENTY of unconstitutional things that the Obama Administration has done... let's focus on the real ones.

reply to post by damwel


Agreed, any time that you can be imprisoned indefinitely with no notification of offense kind of trumps all of the others.
Plus all my financial statements would say is, damn this dude is broke! Move to the next victim.

reply to post by Iamonlyhuman


What if this

"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. "

applies to a private account within such a company? "Any data" and "any information" is a rather broad sweep. It sounds like its anyone's game to me. The Constitution is only a piece of paper to this administration. Obama campaigned on the nation of reshaping this country and this is certainly a step in that direction along with Obamacare.

We are just learning about the gory details within Obamacare after it passed and the same will hold true with this reform legislation as well. Just another bill that now senator or representative has bothered to read in great detail. Its all about the major talking points in the bill and not the nitty gritty.

When we finally storm Congress and I'm waving the flag from atop the rotunda I will pick up my megaphone and cry - JIBEHO!!!!!!!!

As always, you have a real knack for finding the truly important stories and bringing them to the ATS table for all to see.

This is a horrible transgression of the 4th amendment, and they're not even bothering to say this is to help stop "terrorism" anymore.

What a world!.....what a world!......my beautiful wickedness..........oh...oohh


BOOBAMA! BOOOO!

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.

Yes I have read it, both the bill and the Constitution, and the way the bill reads is very broad and potentially unconstitutional. It could be read both ways, and that is the problem. the current administration(like past ones) write bills that have to much open to interpretation. why cant they just write a bill that says what they mean?

Isn't it cute how the banks are exempt fron this bill. kinda shows you who is really in charge and corupted huh? whos the bosss now the democratic american people who are subjects to this bill are the bankers whom are exempt??

reply to post by jibeho


Forgive me as i'm not american but i have read your constitution and maybe i haven't interpreted something correctly.

"The right of the people", now does a financial institution come under that protection? An institute can be made up of people but take the people away and you still have a framework, an empty building so to speak and i can't see where "the right of the people" would protect that.

What i find most interesting is the "non-bank" part. Why should they be exempt?

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?

reply to post by Iamonlyhuman

The constitution doesn't protection corporations or companies but private citizens.

The Bill of Rights does not make distinctions as to what people have rights, and only speaks to the right of the people.

Amendment I

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.

Amendment II

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.

Amendment III

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.

Amendment IV

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.

Amendment V

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.

Amendment VI

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.

Amendment IX

The enumeration in the Constitution, of certain rights, shall not be construed to deny or disparage others retained by the people.

Amendment X

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.

No where is there a qualification made that only citizens have rights, and not even a qualification of private versus public. A public official has the same rights as any private individual, and those rights are inalienable.

[edit on 13-7-2010 by Jean Paul Zodeaux]

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?

I don't think you really understand what is involved with a 2000 page piece of legislation that is aimed at overhauling our financial system. Like I said earlier their are some decent provisions to further protect consumers but with the good you get the bad. This specific provision that I mention in the OP will open the floodgates and could easily lead to the new advisers poking around in your accounts. The verbiage leaves deliberate possibilities and loopholes.

This is being pushed under the guise of helping to protect the average Joe when it really amounts to a power grab and nothing is really going to change. Just more legislation to put more control in to the hands of the govt. The fed is still dumping money on the big banks, they are shutttering small community banks and still refuse to audit Fannie and Freddie or give them the classic stress test. This legislation will all but ensure that small banks across the nation will close forever leaving only the big govt. controlled super banks at the top of the heap.

They've got your healthcare, your finances, student loans and soon your carbon footprint. Not to mention the massive tax hike that is coming at the end of this year when Obama lets all of the Bush credits expire.