Today, the House Judiciary Committee and its Select Subcommittee on the Weaponization of the Federal Government released an interim report titled "Financial Surveillance in the United States: How the Federal Government Weaponized the Bank Secrecy Act to Spy on Americans." The report examines how federal law enforcement has increased its collaboration with financial institutions under the Biden-Harris Administration, gaining extensive access to private financial data.
The investigation by the Committee and Select Subcommittee highlighted several key findings:
- The FBI has been manipulating the Suspicious Activity Report (SAR) filing process. It treats financial institutions as extensions of law enforcement by issuing "requests" that effectively demand information about certain individuals or activities deemed "suspicious," without legal procedures.
- Following January 6, 2021, there was coordination between the FBI and the Treasury Department's Financial Crimes Enforcement Network (FinCEN). This led to financial institutions being encouraged to search their data and file SARs on numerous Americans without a clear criminal connection.
- The government's access to private data is extensive and largely unchecked.
- Financial institutions and FinCEN are increasing their surveillance capabilities through confidential projects and new technologies.
The investigation suggests that federal law enforcement is willing to operate beyond statutory limits regarding access to Americans' financial data. As modern finance evolves, it is anticipated that almost all financial activities will be monitored by federal authorities.
The integration of new technologies such as digital ID and AI for transaction monitoring raises concerns about privacy. There is a possibility that every American's financial activity could soon be automatically recorded and scrutinized. This development should raise awareness among citizens about how their financial data is collected, accessed, and examined by government officials at both federal and state levels.
