US Treasury Accused of Violating Americans’ Privacy Through Bank Surveillance Program
US Treasury Secretary Janet Yellen faces accusations of collaborating with financial institutions to monitor private bank transactions of American citizens. The House Judiciary Committee published a memo pointing fingers at the Treasury Department’s Financial Crimes Enforcement Network (FinCEN), alleging that the agency urged banks to watch customer transactions and flag keywords like “MAGA” and “Trump” related to the January 6th Capitol Hill incident.
Treasury Secretary Yellen’s Testimony
In recent testimony to the House Ways and Means Committee, Secretary Yellen addressed the allegations surrounding FinCEN’s activities. Yellen acknowledged the existence of communications where financial institutions suggested search terms like “MAGA” and “Trump” to assist in identifying potential suspects involved in the January 6th event.
- In some cases, financial institutions offered helpful search terms based on prior information to track down potential wrongdoers.
- The goal was to narrow the focus of the search for individuals engaged in illegal activities.
Unauthorized Search of Banking Customers’ Messages
Yellen clarified that the searches, which included scanning Zelle payments and messages of bank customers, occurred after the Capitol Hill riots but before President Biden’s inauguration on January 20th, 2021. Judiciary Chairman Jim Jordan criticized the lack of warrants or pending charges against specific individuals during the searches. He highlighted concerns about financial institutions sharing Americans’ details with the FBI without proper legal authorization.
- Financial institutions aiding the Treasury’s search included Bank of America, JPMorgan Chase, Wells Fargo, Citibank, and others.
Call for Disavowal from Secretary Yellen
Jim Jordan urged Secretary Yellen to dissociate herself from the questionable practice. He emphasized that the FBI and FinCEN were conducting unwarranted fishing expeditions through banks, a cause for worry irrespective of political affiliation. The Daily Mail reported the involvement of 13 financial institutions in the Treasury’s surveillance program, raising concerns about privacy violations.
- The institutions assisting the Treasury in the surveillance program included PayPal, Santander, Standard Chartered, and Western Union.
Hot Take: Upholding Privacy in Financial Transactions is Crucial
Privacy in financial transactions is a fundamental right that should not be compromised. The recent allegations against the US Treasury and financial institutions working together to surveil Americans’ bank transactions raise serious concerns over privacy violations. It is essential for regulatory bodies to ensure that such practices do not infringe on the privacy rights of individuals.
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