To: Kenneth E. Phillipps who wrote (85404 ) 6/6/2010 2:15:01 PM From: Carolyn 2 Recommendations Read Replies (1) | Respond to of 224729 Govt to Collect Addresses, ATM Records of Bank Customers Under guise of financial reform Senate Democrats Pass Bill Allowing Govt to Collect Addresses, ATM Records of Bank Customers Senate Democrats united to pass a financial regulatory bill that allows the government to collect data on any person operating in financial markets at any level, including the collection of personal transaction records from local banks that list customers’ addresses and ATM receipts. 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 Shelby slammed the new consumer bureaucracy, saying that it was meant not to protect consumers but to “manage” them by monitoring their behavior. “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. I side 100% with Senator Shelby. This bill has absolutely nothing to do with financial reform or protecting consumers, but everything to do with more government spying on activities of its citizens. Taxpayers have to foot the bill for this outrageous behavior. "Big Brother" just got bigger. I cannot tell you how much I despise Inept Obama.