Senator Dodd’s “Wall Street Bailout” bill, S. 3217 the Restoring American Financial Stability Act of 2010, does more than coddle Wall Street with permanent bailouts – it collects data for the newly created Office of Financial Research to track consumer purchasing patterns to determine if Americans are making “rational decisions” or not.
This Orwellian style concept is more than scary! By collecting and storing consumer purchasing data with no restriction, Senator Dodd and the Democrats are partnering with Big Business and Wall Street to monitor all consumer behavior. This data will be shared with corporations and businesses to use for consumer behavior patterning and regulation.
The new Office of Financial Research is created in Title I, Section 151-156, is tasked with collecting and sharing data without restriction and “shall issue rules, regulations, and orders only to the extent necessary to carry out the purposes and duties.”
This data will be used by the proposed Consumer Protection Bureau, created in Section 1022 page 1028 to, “implement and, where applicable, enforce Federal consumer financial law.”
The Consumer Protection Bureau, using data collected by the Office of Financial Research, will monitor and track all consumer purchases and will share this data with whomever they see fit to regulate all consumer purchasing behavior.
For these reasons and more, ATR urges all Members to vote “No” on all Cloture motions on S. 3217 the Restoring American Financial Stability Act of 2010 – ATR WILL RATE a cloture vote on this bill.