04.30.2010 0

Public Opposes Big Brother Control of Bank Accounts

  • On: 05/05/2010 09:47:46
  • In: Economy
  • By Rebekah Rast

    The Dodd financial reform bill does more than just “reform” financial institutions and Wall Street. When taking a closer look, all Americans are affected by this bill in a very personal way.

    In Section 1071 of the bill, banks will now be required to keep and forward a log on all depository accounts, including checking, savings and credit union share accounts to the federal government, as previously reported by Americans for Limited Government (ALG).

    Why does the government want to receive such diligent records of every citizen’s transactions?
    According to the bill, it is so the government can make sure the financial institutions are meeting the credit needs of those in the community.

    “It is difficult to trust our government as its regulations and laws caused the financial meltdown in the first place,” says Bill Wilson, President of ALG. “The very people writing and endorsing this bill had their hands in this mess from the beginning. The government does not need to know that a father gave his son a $25 check for his birthday. This will do nothing to prevent another financial disaster from happening.”

    Taking to the streets, ALG received similar reactions to Big Brother keeping tabs on every person’s banking transactions. The most common response is people felt this type of government oversight is a complete breach of their privacy. Also, most don’t completely trust the government to keep all this new information private and secure.

    Not only does this bill give the government more control over banking institutions, but also more control over American’s individual bank accounts.

    “This should be of great concern to everyone who has a bank account,” says Wilson. “It is well beyond the realm of the government to control the individual pocketbooks of Americans.”

    Rebekah Rast is a contributing editor to ALG News Bureau.

    Copyright © 2008-2022 Americans for Limited Government