July 17, 2013
The Consumer Financial Protection Bureau (CFPB) is looking to create a “Google Earth” of every financial transaction of every American, Sen. Mike Enzi (R-WY) warned today in a Senate speech opposing confirmation of Richard Cordray as CFPB director.
“This bill (creating the CFPB) was supposed to be about regulating Wall Street. Instead, it’s creating a Google Earth on every financial transaction. That’s right: the government will be able to see every detail of your finances. Your permission — not needed,” Sen. Enzi said.
“They can look right down to the tiny details of the time and place where you pulled cash out of an ATM,” Enzi warned.
And, there’s nothing you can do about, since Americans don’t have the ability to “opt out” or prohibit the government from collecting their personal financial data, Enzi said:
“You can’t tell ’em to stay out of your records. It’s not possible. If your data is being collected, you do not have the option to opt out. Nor, does the CFPD need any kind of permission from you to gather your personal information.”
Enzi called for greater congressional oversight authority to ensure the CFPB does not abuse its power, but Republican still dropped plans to filibuster the nomination, caving to threats by Senate Majority Leader Harry Reid (D-Nev.) to change the filibuster rules.