The Senate voted 59-39 on Thursday to pass the bill, the chief aim of which is to more-heavily regulate the financial industry. The bill now goes to a conference committee in the House of Representatives, where differences between the House and Senate versions will be ironed out.
The bill, if it becomes law, 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.
Senator Richard Shelby (R-Ala.) said that Democrats who claim this new bureaucracy will protect consumers are misleading the public.
“[T]he American people are being misled,” Shelby said on the Senate floor on Thursday night. “The authors of this bill are telling them that this legislation has been drafted to address the recent financial crisis and that it will ‘tame’ Wall Street. I am afraid that they are going to be disappointed.”
Shelby slammed the new consumer bureaucracy, saying that it was meant not to protect consumers but to “manage” them by monitoring their behavior.
4 comments:
Where are the socialism deniers ?
How is any of that any of their damned business? Stay the f*** out of my paycheck and my bank account!
Didnt Hitler do this when he came into power before WWII ... scary
if the people allow this it just shows that anyone that voted for this administration is a sheep and completely STUPID yes i said it... you idiots wanted change and ya got it we are going to lose every freedom we have if it continues... the democrats want nothing more than to destroy everything that the USA has stood for and let Obama come to Salisbury ill be the first one there to Give him my 1 finger salute
My money had been coming out of the bank a little at a time for a while now. Once the account is depleted, I will start paying my bills with money orders. It's a little extra expense and effort, but worth it to me.
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