Government Will Be Reviewing Your Checking Account

Under the bailout bill currently being debated in the Senate your bank will be required to give the Feds information about your checking accounts (h/t Say Anything):

Subtitle G of the Dodd discussion draft bill requires that records be maintained and reported “for each branch, automated teller machine at which deposits are accepted, and other deposit taking service facility with respect to any financial institution, the financial institution shall maintain a record of the number and dollar amounts of deposit accounts of customers.”

What’s worse, banks will be required to submit these records to the new super regulatory agency called the Consumer Financial Protection Agency (page 1041). The CFPA will be allowed to use this information for any purpose “as permitted by law” under CFPA rules—rules set by CFPA themselves. …

So, if the CFPA Czar see’s fit, information about your deposit account activity could be shared with the IRS, immigration officials, state officials, or any other entity that the Administration and their various Czar’s think beneficial.

Obama thinks that some of you make too much money. Now he'll be able to monitor your checking activity to see what you're taking in and what you're spending it on. If you're spending it on the "wrong things", they'll let you know.

The GOP should never have caved on this bill and allowed debate to begin.