|“Mr. President, make no mistake, behind the veil of anti-Wall Street rhetoric is an unrelenting desire to manage every facet of commerce under the guise of consumer protection."|
If anyone has been curious why the Fed, banks and politicians have all been pushing for the "consumer protection" portion of the Financial Regulation bill, it appears we may have the answer.
As CNSNews.com reports, the bill "would create the Bureau of Consumer Financial Protection and empower it to “gather information and activities of persons operating in consumer financial markets,” including the names and addresses of account holders, ATM and other transaction records, and the amount of money kept in each customer’s account.
The new bureaucracy is then allowed to “use the data on branches and [individual and personal] deposit accounts … for any purpose” and may keep all records on file for at least three years and these can be made publicly available upon request." Goodbye privacy, hello 1984.