Okay, we all knew the Wall Street regulatory bill wasn’t really going to regulate Wall Street. And we could be sure that the new “consumer protection” bureaucracy the bill proposes wasn’t going to protect consumers, right?
But there was still a shoe that hadn’t dropped. We hadn’t yet heard about the inevitable something in the bill, the teeny, tiny little let’s-not-mention-this provision that would turn out to be the real purpose of the upcoming new law.
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.
Helllllooooo again, Big Brother. Josef Stalin and Erich Honecker would be so proud.