As written the bill allows the federal government from probing private financial records through a provision in the bill that would allow a new Treasury Department agency to demand “any data or information” from any financial firm and to use a subpoena to get that information if necessary.

By Matt Cover at CNSNews.com

Senate Majority Leader Harry Reid (D.-Nev.) says he wishes “someone” would offer an amendment to the financial regulatory bill to prevent the federal government from probing private financial records through a provision in the bill that would allow a new Treasury Department agency to demand “any data or information” from any financial firm and to use a subpoena to get that information if necessary.

Reid, however, did not respond when asked whether he would personally support such an amendment.

The Fourth Amendment to the Constitution guarantees the “right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures.” Ordinarily, in keeping with this amendment, the government needs to establish probable cause that a crime has been committed and then secure a warrant from a judge before it can look at private papers and records.

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