by Capitol Confidential
Thanks to provisions buried within the Obama/Dodd financial deform bill, your personal information — from ATM withdrawals to loans — will now be collected by the federal government with no protections to your personal privacy.
The legislation creates another federal bureaucracy — the Consumer Financial Protection Bureau (CFPB) that is nothing more than a systematic government invasion of your personal finances of every consumer creating a financial fingerprint for the government to watch over.
Dodd’s bill deputizes the CFPB to act as a new federal watchdog agency to collect consumers’ personal financial information and transactions including records from Automatic Teller Machines from any financial institution or firm.
Don’t believe us — read the bill.
Section 1022 – Under Dodd’s bill the CFPB is granted unprecedented power to write, administer and enforce federal consumer financial law with no Congressional oversight.
Section 1071 – Dodd’s bill compels financial institutions like banks, credit unions and stock brokerage firms to maintain records of all financial transactions including the number and dollar amount and to submit that information to the CFPB.
Perhaps the worst aspect of the bill is it leaves it up to the discretion of the CFPB bureaucrats to determine how to use the personal information collected on American consumers and to share that data with other Federal agencies as it sees fit.
The Dodd bill constitutes an unprecedented intrusion into the privacy of the American people. For this reason alone, it deserves to be defeated.