Janet Yellen evades queries about potential encouragement from Biden Treasury Department for banks to scrutinize personal transactions
Treasury Secretary Dodges Question on Surveillance of Legal Purchases
During a recent interview, Treasury Secretary Janet Yellen avoided answering whether the Treasury Department urged financial institutions to scrutinize legal purchases for signs of extremism, as reported by Fox News.
House Judiciary Committee Raises Concerns
In January, the House Judiciary Committee expressed concerns that federal investigators, as part of their investigation into the events of January 6, 2021, encouraged banks to monitor and filter legal purchases using terms like “MAGA,” “Trump,” “Dick’s Sporting Goods,” “Cabela’s,” and ”Bass Pro Shops.” They also warned that the sale of “religious texts” could indicate “extremism.”
Chair of the House Judiciary Committee, Jim Jordan, highlighted in a letter that the Treasury Department’s Office of Stakeholder Integration and Engagement in the Strategic Operations of the Financial Crimes Enforcement Network (FinCEN) provided banks with outlines of “various persons of interest,” along with suggested search terms and Merchant Category Codes to identify transactions on behalf of federal law enforcement.
“According to this analysis,” Jordan wrote, “FinCEN alerted financial institutions about ‘extremism’ indicators, which include ‘transportation charges, such as bus tickets, rental cars, or plane tickets, for travel areas with no apparent purpose,’ or ‘the purchase of books (including religious texts) and subscriptions to other media containing extremist views.’ In other words, FinCEN utilized major financial institutions to scrutinize their customers’ private transactions based on protected political and religious expression.”
Concerns Raised by Rep. Ann Wagner
Rep. Ann Wagner (R-MO) voiced her concerns, stating that the federal government is increasingly suggesting banks search private financial transactions using highly partisan political terms or checking for purchases associated with legal sales of firearms or religious texts.
Wagner directly asked Yellen, “Has Treasury, including FinCEN or federal banking agencies like the Fed, FDIC, OCC, instructed financial institutions to search Americans’ legal transactions in attempts to surveil their purchases?”
Yellen responded by acknowledging the letter from Wagner and stating that they intend to investigate and respond. However, when pressed further by Wagner about instructing banks and financial institutions to provide this information, Yellen evaded the question.
Wagner persisted, asking if financial institutions were being instructed to search Americans’ legal transactions for surveillance purposes. Yellen simply promised a thorough investigation into the matter.
What specific actions did federal investigators and the Treasury Department’s Office of Stake take to encourage financial institutions to scrutinize legal purchases for signs of extremism?
During a recent interview, Treasury Secretary Janet Yellen chose not to directly address whether the Treasury Department had urged financial institutions to closely examine lawful purchases for potential signs of extremism, as reported by Fox News.
The issue came to light in January when the House Judiciary Committee expressed concerns regarding the actions of federal investigators during their probe into the events of January 6, 2021. It was alleged that these investigators had encouraged banks to scrutinize and filter legal purchases using specific terms such as “MAGA,” “Trump,” “Dick’s Sporting Goods,” ”Cabela’s,” and “Bass Pro Shops.” Furthermore, they cautioned that the mere sale of “religious texts” could potentially indicate “extremism.”
In a letter drafted by the Chair of the House Judiciary Committee, Jim Jordan, it was emphasized that the Treasury Department’s Office of Stake (whose role is to advocate for victims of terrorism and facilitate communication between the public and the department) was involved in the dissemination of this guidance to financial institutions. The concerns raised by the committee centered on potential infringements on privacy rights and the potential for financial institutions to discriminate against customers based on the lawful purchases they made.
During the interview, Treasury Secretary Janet Yellen was pressed on the matter but chose not to address it directly. This avoidance of the question has further fueled speculation and concern regarding the extent to which the government may be involved in the surveillance and monitoring of legal purchases by financial institutions.
Critics argue that this potential monitoring of lawful purchases infringes upon individuals’ privacy rights and sets a dangerous precedent for government overreach. The concern is that financial institutions may be pressured to discriminate against customers solely on the basis of their purchasing habits or political affiliations, undermining the principles of free commerce and personal autonomy.
While it is essential for government agencies to remain vigilant in protecting national security and identifying potential threats, it is equally important to balance these objectives with respect for individual rights and privacy. Any government action that encroaches upon these fundamental principles must be subject to transparent scrutiny and accountability.
The House Judiciary Committee’s concerns reflect the broader concerns within society about the potential erosion of civil liberties under the guise of combating extremism. It is imperative for relevant government agencies, including the Treasury Department, to provide transparent and comprehensive explanations regarding their role in encouraging financial institutions to scrutinize legal purchases for signs of extremism.
As the discourse surrounding this issue continues, it is crucial for policymakers, lawmakers, and citizens alike to engage in informed, open dialogues that prioritize both national security and the protection of individual rights. Striking the right balance is essential to maintain a society that is both secure and respectful of the fundamental principles upon which it is built.
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