Tim Scott questions Treasury Secretary on flagging of ‘Trump’ and ‘MAGA’ transactions
Senator Presses Treasury Secretary on Alleged Privacy Violations
Senator (R-SC) grilled Treasury Secretary Janet Yellen on Friday regarding a concerning report. The report claimed that federal officials instructed banks to hand over customer data for transactions flagged with terms like “TRUMP” or ”MAGA.”
This revelation came to light after documents obtained by the Select Subcommittee on the Weaponization of the Federal Government revealed that the Financial Crimes Enforcement Network (FinCEN) had flagged these terms as part of their investigation into the January 6 riot. Additionally, banks were instructed to scrutinize transactions involving the purchase of religious texts and outdoor sporting goods stores like Cabela’s.
Senator Scott, the ranking member of the Senate Banking Committee, expressed his concerns in a letter, stating that if these allegations were true, they would represent a blatant violation of Americans’ privacy and an improper targeting of citizens exercising their constitutional rights without due process. You can read the full letter here.
According to reports, FinCEN requested assistance from banks in identifying transactions involving persons of interest using specific typologies and Merchant Category Codes after January 6, 2021. The letter was also sent to FinCEN Director Andrea Gacki.
In his letter, Senator Scott questioned Secretary Yellen about the Treasury Department’s involvement in soliciting private financial data from banks and whether it was done at the behest of the FBI or the Justice Department. He also inquired about the criteria used to determine which religious texts were considered indicative of extremism and why shoppers at sporting goods stores were targeted in the federal investigation.
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Senator Scott expressed particular concern about these allegations, citing past efforts to weaponize the financial system against politically disfavored activities. He referenced the Obama administration’s “Operation Choke Point” initiative, which coerced financial institutions into denying services to businesses the administration opposed, including gun retailers.
On Thursday, House Judiciary Chair Jim Jordan requested an interview with Noah Bishoff, the former director of the Office of Stakeholder Integration and Engagement in the Strategic Operations Division of FinCEN, to discuss the report.
The letter asks Bishoff to be prepared to address lawmakers regarding FinCEN’s safeguards for protecting constitutional liberties, the government’s use of private financial information, and the coordination between FinCEN and the private sector.
What are the alleged privacy violations and concerns raised regarding the targeting of specific terms like “TRUMP” and “MAGA” in relation to the January 6 riot at the Capitol?
Sactions related to the January 6 riot at the Capitol. These requests are part of the agency’s effort to combat money laundering and other illicit activities. However, the alleged targeting of specific terms such as “TRUMP” and “MAGA” has raised concerns about potential privacy violations and politically motivated surveillance.
During the Senate hearing, Senator Scott questioned Treasury Secretary Janet Yellen about the alleged privacy violations. He emphasized the importance of protecting Americans’ privacy rights and expressed concerns about the potential chilling effect on free speech and political expression.
The allegations outlined in the letter sent by Senator Scott to the Financial Crimes Enforcement Network (FinCEN) are serious. If true, they would signify a significant breach of privacy and a violation of constitutional rights. Citizens should not be targeted simply for exercising their constitutional rights without due process.
Furthermore, the Senator highlighted the importance of investigating these allegations thoroughly. He urged FinCEN to respond promptly and transparently to the concerns raised in his letter. The full letter can be accessed through the provided link.
It is crucial to strike the right balance between enforcing laws and protecting individual privacy rights. While combating illicit activities and ensuring national security are legitimate goals, any efforts must be conducted within the bounds of the law and should not infringe upon the privacy and constitutional rights of American citizens.
The use of specific terms to flag transactions raises questions about the criteria used and the potential for bias or overreach. Transparency and accountability in the investigation process are essential to address these concerns and assure the American people that their privacy rights are being respected.
As the debate over privacy and data protection intensifies, it is crucial for lawmakers and regulatory agencies to prioritize safeguarding individual privacy rights while pursuing their regulatory responsibilities. Striking this balance is essential to maintain public trust and confidence in financial institutions and government agencies.
Senator Scott’s inquiry and the concerns raised by the report underscore the need for greater oversight and accountability in government agencies’ actions related to privacy and surveillance. It is imperative for Congress to ensure that federal agencies operate within the confines of the law and respect citizens’ constitutional rights.
In conclusion, the recent allegations of privacy violations and improper targeting of transactions based on specific terms raise serious concerns about the protection of Americans’ privacy and constitutional rights. It is incumbent upon FinCEN and other relevant agencies to investigate these allegations thoroughly and provide transparent and timely responses. Furthermore, Congress should exercise its oversight responsibilities to ensure that privacy rights are upheld and that citizens are not subject to unjustified surveillance or targeting.
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