Banking and industry groups are pushing back against the third most Orwellian policy of the Biden Administration (vaccine mandates and reeducation camps being the first two but with the Biden Administration it is hard to keep count).
As noted before, Treasury Secretary Janet Yellen and the Democrats behind the requirement that banks turn over detailed customer data on all accounts with more than $10,000 (formerly $600) are simply lying to the public when they claim that this is to target billionaires. Rather it is for the construction of a vast surveillance network to target ordinary Americans.
The letter states: “This week the Department of Treasury and congressional supporters finally acknowledged the program was far too expansive but, according to media reports, made only cosmetic changes by increasing the de minimis threshold to $10,000 and excluding wages and government benefits from that calculation. As we have stated in several previous letters, these changes fail to address the reality that any program based on gross annual inflows and outflows will impact Americans from all income levels. Even with the proposed exclusions of certain types of income, a large number of common and totally innocent transactions by individuals and small businesses will be captured by this new regime.”
There is along history of the use of the IRS by the government to harass and intimidate political opponents. Inevitably, this information will be used to target those who oppose the ruling clique.
GO-USA stands for individual freedom and opportunity, not government intimidation and bullying. Americans need to push back against the enlistment of banks as part of the surveillance state. We are glad that at least instance the private sector is doing so.