Covered at Reason 24/7: Spy Agencies To Scrutinize Americans' Financial Records Under White House Plan

Reason 24/7ReasonJust in case you were feeling neglected, unloved and perhaps even unprobed in a freaky, UFO-abduction sort of way, the Obama administration has a proposal that'll make sure you never feel alone again. Well, at least your financial records will never feel alone again. Yes, that's right, the White House wants to let intelligence agencies have access to everybody's financial records. Just to make sure you're not a terrorist, you understand. You're not, are you? What's with these credit card bills from ...?

From Reuters:

The Obama administration is drawing up plans to give all U.S. spy agencies full access to a massive database that contains financial data on American citizens and others who bank in the country, according to a Treasury Department document seen by Reuters.

The proposed plan represents a major step by U.S. intelligence agencies to spot and track down terrorist networks and crime syndicates by bringing together financial databanks, criminal records and military intelligence. The plan, which legal experts say is permissible under U.S. law, is nonetheless likely to trigger intense criticism from privacy advocates.

Financial institutions that operate in the United States are required by law to file reports of "suspicious customer activity," such as large money transfers or unusually structured bank accounts, to Treasury's Financial Crimes Enforcement Network (FinCEN).

The Federal Bureau of Investigation already has full access to the database. However, intelligence agencies, such as the Central Intelligence Agency and the National Security Agency, currently have to make case-by-case requests for information to FinCEN.

The Treasury plan would give spy agencies the ability to analyze more raw financial data than they have ever had before, helping them look for patterns that could reveal attack plots or criminal schemes.

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  • SIV||

    Over an hour and no comments?

  • Aresen||

    Everyone's busy moving their bank accounts to other countries.

  • ||

    No, some of us are converting everything to a combination of various digital currencies and gold.

  • Archduke Pantsfan||

    You guys are in trouble. Who elected this guy?

  • Homple||

    Pretty sure, are we, that McCain or Romney would have been no different from Obama?

  • ||

    I'm pretty sure it's just Tulpa nowadays.

  • VG Zaytsev||

    Maybe, but with McCain or Romney the media would have been making a big deal about shit like this.

  • Fatty Bolger||

    Actually, one of my worries about Romney is that he would be more competent in rolling out this kind of program.

  • Emmerson Biggins||

    Ok Rand. I didn't want to ask again so soon. But howbout a filibuster up in this mother fucker?

    Last week, you stood up for the fifth. This week it's the fourth they are trying to buttrape. It'll make all the team blue aholes admit that even a broken clock is right twothree times a day. And it will remind several shit head team red members that they are supposedly for limited government.

  • LTC(ret) John||

    Seconded. This is getting tiresome (but not as tired as Rand might be after pointing all this #$%^& out).

  • AlmightyJB||

    "It'll make all the team blue aholes admit that even a broken clock is right twothree times a day. And it will remind several shit head team red members that they are supposedly for limited government."

    ROFL! Good one! Team Red will only be against it because it's Barry's idea. Team Blue has their head stuck so far up Barry's ass that they will admit nothing.

  • John C. Randolph||

    This is flatly illegal per the fourth amendment.

    -jcr

  • AlmightyJB||

    Whatchu talkin' 'bout Willis? Commerce Clause trumps all!

  • Rich||

    Exactly. FTFA: The plan, which legal experts say is permissible under U.S. law

    Are *you* a *legal expert*, John?

  • phandaal||

    TOP. MEN.

  • Bardas Phocas||

    The Federal Bureau of Investigation already has full access to the database. However, intelligence agencies, such as the Central Intelligence Agency and the National Security Agency, currently have to make case-by-case requests for information to FinCEN.

    Sounds like a nice paperwork reduction initiative. Only nihilist libertarians would object to a more efficient government protecting our freedoms from the sinister forces of the world.

  • AlmightyJB||

    "Only nihilist libertarians would object"

    Hence the problem.

  • Andrew S.||

    Damn nihilist libertarians. I mean, say what you will about the tenents of national socialism, but at least it's an ethos.

  • Fist of Etiquette||

    For this kind of thing to be palatable to the underinformed voter, you need a fresh terror attack. I don't know why they were hell bent on calling the Fort Hood attack workplace violence. Talk about letting a good crisis go to waste.

  • AlmightyJB||

    "For this kind of thing to be palatable to the underinformed voter, you need a fresh terror attack"

    Or a (D) in the white house and a complicit media.

  • AlmightyJB||

    But Boooosh!

  • AlmightyJB||

    Clearly if you withdrawl cash from an ATM it is so you can buy drugs or do jihad. Either way you're comin' with us son.

  • SumpTump||

    That jsut looks like its gonna be good. Wow.

    www.EliteAnon.tk

  • Fatty Bolger||

    The Obama administration is drawing up plans to give all U.S. spy agencies full access to a massive database that contains financial data on American citizens

    But at least he's no Dick Cheney.

  • Rich||

    "Hey, look, Agent Jones! Here's your ex-wife's financial data!"

    "Thanks, Agent Smith! And, wow, here's Nancy Pelosi's and ... Oh, my God!!"

  • Capt Ace Rimmer||

    How can Congress legislate it's way around the Constitutional prohibition against warrant-less drag net searches of our financial information? Those are our papers man! Tell me how you don't need a warrant to look at bank records. Forcing the banks to monitor and report our financial information is just an end around the 4th amendment. When the govt and banks collude like this the banks become state actors for the purposes of 4th amendment scrutiny.

    --Judge Rimmer

  • Wind Rider||

    One wonders why they even waste the time projecting the facade of restraint. If, as the article admits, the records are already accessible by one group of bureaucrats for their enjoyment, amusement, and empire building gamesmanship, then all can, providing they write the requisite memos to each other making rules or procedures to pat each other on the fannies and continue to schedule meetings.

    We will ever be so afflicted while the mandarins have free reign, according to rule 27, subsection d, para 3(i)

  • Mr Whipple||

    I am no huge fan of bitcoin, but the more they keep doing shit like this, the more they legitimize it, the more popular it becomes. Not to mention the PMs.

    No matter how you look at it, this all ends very badly, very soon. And, of course, "Capitalism" will be blamed.

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