Financial Privacy in Peril
What cause unites Christian conservatives, free-trade Democrats, small-business people, the American Civil Liberties Union and tax reformers? Financial freedom and privacy. The cause is being advanced in a series of legislative battles against big-government activists from both parties over the issues of encryption restrictions, asset forfeiture and, of most immediate concern, requirements that banks serve as agents of the state by monitoring the activities of their customers. The cornerstone of this last activity is the Bank Secrecy Act of 1970. The BSA is, in fact, an antisecrecy act, because it requires bankers to spy on their customers by monitoring accounts for “suspicious activities.” Bankers who fail to comply with this requirement are subject to prosecution and fines. Since Congress enacted Read More ›