{"id":16533,"date":"2021-09-22T12:15:39","date_gmt":"2021-09-22T16:15:39","guid":{"rendered":"https:\/\/jimbovard.com\/blog\/?p=16533"},"modified":"2021-09-22T12:35:34","modified_gmt":"2021-09-22T16:35:34","slug":"bidens-wrecking-ball-for-financial-privacy","status":"publish","type":"post","link":"https:\/\/jimbovard.com\/blog\/2021\/09\/22\/bidens-wrecking-ball-for-financial-privacy\/","title":{"rendered":"Biden\u2019s Wrecking Ball for Financial Privacy"},"content":{"rendered":"
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American Institute for Economic Research, September 22, 2021<\/h3>\n

Biden\u2019s Wrecking Ball for Financial Privacy<\/a><\/h1>\n<\/header>\n
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\"JamesJames Bovard<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

\"\"<\/a>The Biden administration is seeking to compel banks to report to the IRS any bank account with more than $600<\/a> in transactions per year. This proposal is a linchpin of Biden\u2019s American Families Plan, and will supposedly help generate almost $500 billion in federal revenue over the next decade. But previous catch-all financial reporting requirements have helped spur national disasters, complete with pervasive federal looting<\/strong>.<\/p>\n

Sen. Mike Crapo (R-ID) denounced the Biden proposal as a \u201csurveillance dragnet,\u201d a \u201chuge violation of privacy,\u201d and \u201can egregious abuse<\/a> of Americans\u2019 right to due process by inferring that all U.S. taxpayers are guilty of evading taxes until proven otherwise.\u201d Paul Merski of the Independent Community Bankers of America warns that the Biden proposal would be \u201cbe a historic invasion of financial privacy<\/a> like we\u2019ve never seen before.\u201d Merski also declared, \u201cThe IRS is absolutely incapable of handling or processing this massive amount of new data, and they would admit as much \u2014 that\u2019s why they\u2019re asking for an additional $80 billion in this budget.\u201d<\/p>\n

Actually, federal money cops have long been overwhelmed by too many reports from banks. Prior federal reporting requirements buried bureaucrats in useless reports and became a de facto Terrorist Hijacker Empowerment Act . The 9\/11 attacks were preceded by the biggest failure ever by U.S. financial authorities.<\/strong><\/p>\n

The Bank Secrecy Act of 1970 made it a federal crime for banks to keep secrets from the government.<\/strong> This law obliged banks and other financial institutions to submit a currency transaction report (CTR) to the federal government for each cash transaction involving more than $10,000. The feds harvested 17 million CTRs in 2000; federal agencies were flooded with tons of paper that bureaucrats often never bothered to examine. Beginning in 1996, banks were also obliged to file a Suspicious Activity Report on any transaction that \u201chas no business or apparent lawful purpose or is not the sort in which the particular customer would normally be expected to engage.\u201d The feds were soon receiving two hundred thousand suspicious activity reports per year. Greg Nojeim of the American Civil Liberties Union observed, \u201cCongress barred financial institutions from telling their customers that their bank had spied<\/a> on them by reporting their transactions to the federal government.\u201d<\/p>\n

That deluge of reports provided a smokescreen for the 9\/11 plotters. A 2002 United Nations report on terrorist financing noted that a \u201csuspicious transaction report\u201d had been filed with the U.S. government over a $69,985 wire transfer that Mohamed Atta, leader of the hijackers, received from the United Arab Emirates. However, the report noted, \u201cthis particular transaction was not noticed quickly enough<\/a>, because the report was just one of a very large number and was not distinguishable from those related to other financial crimes.\u201d Atta was on a terrorist watch list, but the avalanche of other reports the feds received targeting home buyers, boat buyers, and other innocuous transactions provided sufficient cover for the attack to proceed.<\/p>\n

Rather than recognize how pointless reporting requirements swamped federal watchdogs, Congress responded to 9\/11 by vastly expanding federal financial vacuum cleaners. On October 17, 2001, Rep. Ron Paul (R-TX) was the only member of the House to oppose the International Money Laundering Abatement and Antiterrorist Financing Act of 2001, which became Title III of the Patriot Act. Paul warned that the bill \u201chas more to do with the ongoing war against financial privacy<\/a> than with the war against international terrorism\u201d and derided it as \u201ca laundry list of dangerous, unconstitutional power grabs\u2026. These measures will actually distract from the battle against terrorism by encouraging law-enforcement authorities to waste time snooping through the financial records of innocent Americans who simply happen to demonstrate an \u2018unusual\u2019 pattern in their financial dealings.\u201d<\/p>\n

Paul\u2019s warnings were prescient. The Patriot Act turbocharged reporting requirements, and the feds are now receiving two million \u201cSuspicious Activity Reports\u201d<\/a> a year. It would be worse than na\u00efve to assume that all the reports that banks send to Washington will sit passively in federal databases.<\/p>\n

Financial reporting requirements helped spur one of the most disgraceful federal looting sprees in modern times<\/strong>. The IRS has exploited the technicalities of the Bank Secrecy Act \u2013 which requires banks to report any transaction over $10,000 \u2013 to preemptively confiscate the bank accounts of innocent Americans. The IRS \u201cenforced\u201d the Bank Secrecy Act by presuming that anyone who deposited slightly less than $10,000 was a criminal. The IRS seized a quarter billion dollars<\/a> because it disapproved of how businesses and individuals structured their bank deposits and withdrawals. IRS bureaucrats don\u2019t even need to file a criminal charge before snaring citizens\u2019 life savings.<\/p>\n

Between 2005 and 2012, the number of IRS seizures for Bank Secrecy Act violations rose more than fivefold, but the vast majority of victims were never criminally prosecuted for structuring offenses. \u201cOne-third of those cases<\/a> involved nothing more than making a series of sub-$10,000 cash transactions,\u201d the Institute for Justice reported. A 2017 Inspector General report found no evidence in 91% of the forfeiture cases that the money came from illegal activities. The IRS chose to seize first, and ask questions later \u2013 if at all. IRS investigators simply looked at banking records and then confiscated the accounts of hundreds of people.<\/p>\n

Most of the victims were \u201clegal businesses such as jewelry stores, restaurant owners, gas station owners, scrap metal dealers, and others.\u201d The IRS targeted businesses with legal sources of income because \u201cthe Department of Justice had encouraged task forces to engage in \u2018quick hits,\u2019 where property was more quickly seized<\/a>\u2026 rather than pursuing cases with other criminal activity (such as drug trafficking and money laundering), which are more time-consuming,\u201d the Inspector General reported.<\/p>\n

Would the IRS behave as atrociously with a new $600 reporting requirement as it has in the past with the $10,000 reporting requirement in the Bank Secrecy Act? In U.S. Tax Court, IRS determinations of what citizens owe are \u201cpresumed correct,\u201d<\/a> with taxpayers bearing the burden to prove the feds wrong<\/a>. Corporations with well-fed legal departments routinely defeat the IRS in court but few citizens can afford to fight a federal agency that appears to hold all the cards. Treasury Secretary Janet Yellen declared, \u201cAny suggestion that instead this reporting regime will be used to target enforcement efforts<\/a> on ordinary Americans is wholly misguided.\u201d Then why do the feds want the data on almost anyone with a bank account?<\/p>\n

Biden\u2019s new reporting requirement could be the Bitcoin Relief Act of 2021.<\/strong> Forty banking and financial associations sent a letter to Congress on September 17 warning that the Biden proposal \u201cwould create tremendous liability for all affected parties by requiring the collection of financial information for nearly every American without proper explanation of how the IRS will store, protect, and use<\/a> this enormous trove of personal financial information.\u201d American Banking Association president Rob Nichols warns that requiring \u201cbanks to police and report on the accounts of customers\u2026will undermine trust<\/a> in the banking system and erode the progress we have made reducing the number of unbanked and underbanked in the country.\u201d<\/p>\n

The Internal Revenue Service has perennially been the authoritarian means to paternalistic ends<\/a>.<\/strong> The Washington Post<\/em> reported that \u201cthe single biggest source of new revenue in the [Biden] plan comes from dramatically expanding the clout<\/a> of the nation\u2019s tax agency.\u201d Biden relishes condemning tax-dodging billionaires<\/a> but that $600 reporting requirement is a signal that IRS purgatory could soon be crowded with average Americans.<\/p>\n","protected":false},"excerpt":{"rendered":"

American Institute for Economic Research, September 22, 2021 Biden\u2019s Wrecking Ball for Financial Privacy James Bovard The Biden administration is seeking to compel banks to report to the IRS any bank account with more than $600 in transactions per year. This proposal is a linchpin of Biden\u2019s American Families Plan, and will supposedly help generate […]<\/p>\n","protected":false},"author":1,"featured_media":16534,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[449,904,3025,3027,2124,2779,49,3026,3028,37,30,969],"class_list":["post-16533","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-911-attacks","tag-aclu","tag-american-families-plan","tag-bank-secrecy-act","tag-biden","tag-institute-for-justice","tag-irs","tag-mike-crapo","tag-mohamed-atta","tag-ron-paul","tag-surveillance","tag-terrorists"],"yoast_head":"\nBiden\u2019s Wrecking Ball for Financial Privacy - James Bovard<\/title>\n<meta name=\"description\" content=\"Biden's proposal to vastly increase federal financial surveillance ignores how previous data round-ups led to the 9\/11 attacks & spurred massive IRS looting\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/jimbovard.com\/blog\/2021\/09\/22\/bidens-wrecking-ball-for-financial-privacy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Biden\u2019s Wrecking Ball for Financial Privacy - 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The Wall Street Journal called Bovard \"the roving inspector general of the modern state\" and Washington Post columnist George Will called him a \"one-man truth squad.\" His 1994 book, Lost Rights: The Destruction of American Liberty, received the Free Press Association\u2019s Mencken Award as Book of the Year. His Terrorism & Tyranny won the Lysander Spooner \"Best Book on Liberty in 2003\" award. He received the Thomas Szasz Award for Civil Liberties work, awarded by the Center for Independent Thought and the Freedom Fund Award from the Firearms Civil Rights Defense Fund of the National Rifle Association. Bovard\u2019s writings have been publicly denounced by FBI director Louis Freeh, the Secretary of Agriculture, the Secretary of Housing and Urban Development, the Postmaster General, and the chiefs of the U.S. International Trade Commission, the Drug Enforcement Administration, the Equal Employment Opportunity Commission, and the Federal Emergency Management Agency, as well as by many congressmen and other malcontents.","sameAs":["http:\/\/www.jimbovard.com","https:\/\/www.facebook.com\/jim.bovard","https:\/\/x.com\/jimbovard"],"url":"https:\/\/jimbovard.com\/blog\/author\/admin\/"}]}},"_links":{"self":[{"href":"https:\/\/jimbovard.com\/blog\/wp-json\/wp\/v2\/posts\/16533","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jimbovard.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jimbovard.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jimbovard.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/jimbovard.com\/blog\/wp-json\/wp\/v2\/comments?post=16533"}],"version-history":[{"count":4,"href":"https:\/\/jimbovard.com\/blog\/wp-json\/wp\/v2\/posts\/16533\/revisions"}],"predecessor-version":[{"id":16538,"href":"https:\/\/jimbovard.com\/blog\/wp-json\/wp\/v2\/posts\/16533\/revisions\/16538"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/jimbovard.com\/blog\/wp-json\/wp\/v2\/media\/16534"}],"wp:attachment":[{"href":"https:\/\/jimbovard.com\/blog\/wp-json\/wp\/v2\/media?parent=16533"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jimbovard.com\/blog\/wp-json\/wp\/v2\/categories?post=16533"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jimbovard.com\/blog\/wp-json\/wp\/v2\/tags?post=16533"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}