07/11/10
From CNS News
Financial Regulatory Bill Approved by House Gives Feds
Power to Subpoena Any Record from Any Financial
Institution Without Establishing Any Probable Cause
There goes the Fourth Amendment
| (CNSNews.com) – The final version of President Barack Obama’s
financial regulatory bill, hammered out in negotiations between
House and Senate Democrats, contains a provision that grants the
federal government the power to subpoena any financial information
it wants from any financial institution without showing probable
cause that a crime has been committed. The 4th Amendment to the U.S. Constitution says: "The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized." The final bill was approved by the House (237-192) on June 30. It now awaits only a Senate vote to be sent to President Obama for his signature. The goal of the Chris Dodd-Barney Frank Wall Street Reform and Consumer Protection Act is to increase federal regulation the financial services and banking industries. The subpoena provision in the bill creates the Office of Financial Research and empowers it to collect “any data or information” from “any non-bank financial company or bank holding company” it deems necessary to monitor the nation’s financial system. “The Council may receive, and may request the submission of, any data or information from the Office of Financial Research, member agencies, and the Federal Insurance Office, as necessary – (A) to monitor the financial services marketplace to identify potential risks to the financial stability of the United States,” the bill reads. It further states: “The Council, acting through the Office of Financial Research, may require the submission of periodic and other reports from any non-bank financial company or bank holding company.” The article continues, but you get the gist...
Here's an online copy of the Constitution in case you want to keep score of how much of it has been destroyed, ignored, overruled or violated.
He did say he was going to fundamentally change America. What do you suppose we're going to be when he gets done. My money's on Kenya. Is that a socialist dictatorship? Remember, you can't have a dictatorship unless you have a big dick in charge...
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