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,
More from CNSNews:
the new consumer bureaucracy, saying that it was meant not to
protect consumers but to “manage” them by monitoring
“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.
“They may be interested in protecting consumers, but they
are more interested in managing them,” Shelby said.
Shelby also criticized the idea that Americans need government
to watch over their every financial move, saying that it was better
to allow people the freedom to make their own choices and fail
than to never allow them the freedom to choose at all.
“Mr. President, I have faith in the American people and their
ability to make good choices,” said Shelby. “Granted,
we do not always choose well. But I believe that a poor choice
freely made is far superior to a good choice made for me.”