Is it true that Obama's financial reform bill gives the Govt unlimited right to any/all of your financial data?

Question

Why do they need such broad and open access to ALL of our personal financial information?

excerpt...
“Individuals could be required to provide the new agency with written answers--under oath--to any question posed by the bureau regarding their personal financial information.”

Democrats saw no problem with the broad information-collecting powers in their bill. Sen. Jack Reed (D-R.I.) said that there “wasn’t any 4th Amendment issue” in allowing the government to collect any financial data it wants.

The 4th Amendment protects against “unreasonable searches and seizures” by the government. Reed said that the nation “desperately” needs to have the government monitoring the inner workings of the financial industry, arguing that if government couldn’t collect any information it thought it needed, regulators would be “flying in the dark.”

Sen. Bob Casey (D-Pa.) told CNSNews.com that if privacy issues arose as a result of the new collection powers, then Congress would deal with them at that time.

“I agree [with Reed]. I don’t see it,” Casey said. “If we get a bill passed, and it gets implemented and an issue arises that someone believes is an infringement on privacy, we’d certainly consider that and analyze that.”

CNSNews.com pressed Casey about exactly what activities would be prevented under the bill, pointing out that fraud is already illegal under federal law. Casey could not name any specific banking practice that the new bill would put a stop to or protect consumers from.
http://cnsnews.com/news/article/65427

Answer 1

The government already has "unlimited access" to any/all financial records.

All they have to do is issue a "National Security Letter" under the Patriot Act, and they can collect whatever information they want, and they don't even have to tell you!

Thanks, Republicans!

Answer 2

Sure it does they want control that's a given.

But read the writing on the wall with these kinds of laws and government intervention that have and will be coming for years one just need be smart they are creating and fostering an "underground" economy things that are "off the grid" hard assets like gold silver platinum and such then become far more valuable because they can be obtained and hoarded and hidden from view of the establishment.

To me this makes those types of investment "blue chip stock" sure you are betting on the "don't pass" line on the craps table but in the end how can you lose either the stuff maintains its value or in the event the government goes nuts and grabs power it goes up ten fold its a win win.



One just need ask one simple question these days.

Were do i place my bet.

1) on society and the market and the world economy and humans ability to make it all work and thereby make mu investment grow.

2) the ability of humans to screw up just about everything they get their greedy corrupt hands on when it comes to grabbing power and money.

What looks more likely to you when you watch the news lately #1 or #2

Answer 3

Guess you never heard of the Patriot act. It already gave the government this right.





excerpt...

“Individuals could be required to provide the new agency with written answers--under oath--to any question posed by the bureau regarding their personal financial information.”



The IRS already does this. It is called an audit.



The government also monitors international transactions. It also makes you report if you bring in a certain amount of cash.

I don't see anything new in this bill, that they already couldn't do under already existing laws.



Donna

Answer 4

While they will deny any such thing, if allowed to continue in the way it is worded now that could very well develop from future interpretations.

Answer 5

Because no Democrat is able to tolerate a World without separate legal castes.

Answer 6

"When one gets in bed with government, one must expect the diseases it spreads." - Ron Paul

Answer 7

no the patriot act did that already.

Answer 8

No that is the lie promoted by those who promote unregulated usury.