Obama wants to monitor 100% of money transfers in and out of US

I expect such overreach from Republicans, but from a Democrat? Shouldn’t someone have to prove the real world value first before implementing such an enormous program in this phony war against terror, or whatever they want to call it now. Since the GOP didn’t push this they will surely be up in arms but they will be correct. What a horrible move and another breach of personal privacy.

But critics have called it part of a disturbing trend by government security agencies in the wake of the 2001 attacks to seek more access to personal data without adequately demonstrating its utility. Financial institutions say that they already feel burdened byanti-terrorism rules requiring them to provide data, and that they object to new ones.

“These new banking surveillance programs are testing the boundaries of privacy,” said Marc Rotenberg, executive director of the Electronic Privacy Information Center. “Many consumers both in the United States and outside are likely to object.”

“This regulation is outrageous,” said Peter Djinis, a lawyer who advises financial institutions on complying with financial rules and a former FinCEN executive assistant director for regulatory policy. “Consider me old-fashioned, but I believe you need to show some evidence of criminality before you are granted unfettered access to the private financial affairs of every individual and company that dares to conduct financial transactions overseas.”


An American in Paris, France. BA in History & Political Science from Ohio State. Provided consulting services to US software startups, launching new business overseas that have both IPO’d and sold to well-known global software companies. Currently launching a new cloud-based startup. Full bio here.

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