Sen. Shelby: Financial Reform Violates Privacy

Sen. Richard Shelby (R-Ala.), senior Republican on the Senate Banking Committee, said that provisions in the new financial regulatory bill violate privacy rights by allowing the government to collect any financial information it wants from any financial institution it wants. “The Democrats’ new bureaucracy poses a threat to our privacy,” Shelby said, “Under section 1022 of their bill, the new bureau would collect any information it chooses from businesses and consumers including personal characteristics and financial information. “Individuals could be required to provide the new agency with written answers--under oath--to any question posed by the bureau regarding their personal financial information.”...more