Invasion of the privacy snatchers -Dodd-Frank

July 9, 2010 19:25

Dodd-Frank, the financial regulatory bill approved by House gives feds power to subpoena any record from any financial institution without establishing any probable cause.

By Matt Cover at

The final version of President Barack Obama’s financial regulatory bill, hammered out in negotations 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 Amendmnent 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.


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