Senator Shelby: Financial Reform Violates Privacy

Sen. Richard Shelby (R-Ala.), senior Republican on the Senate Banking Committee, said that provisions in the new financial regulatory bill violate privacy rights by allowing the government to collect any financial information it wants from any financial institution it wants.

Privacy concerns stem from the new information-gathering authorities the bill would give to the federal government, allowing it collect any information, including records from Automatic Teller Machines (ATM) and the addresses of depositors, from any financial institution at any time.

One such entity, the Office of Financial Research, is empowered to collect “any data or information” from any financial organization or federal regulator. One of those regulators, Shelby pointed out, would be the Bureau of Consumer Financial Protection (BCFP), which is empowered to collect a person’s ATM receipts and the addresses of depositors.

“The Democrats’ new bureaucracy poses a threat to our privacy,” Shelby said, “Under section 1022 of their bill, the new bureau would collect any information it chooses from businesses and consumers including personal characteristics and financial information.

Full Report – CNS News

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