From Nixon to Biden: How the US Turned Banks into Spy Networks

Source: Tenth Amendment Center
by Mike Maharrey

‘Americans do not have financial privacy, really at all. We have this illusion of financial privacy.’ Cato policy analyst Nicholas Anthony summed it up bluntly in an interview with privacy advocate Naomi Brockwell. Beginning in 1970 the federal government passed a series of acts that turned the banking industry into a spy network for the government. And the U.S. has exported this regulatory framework to other countries, creating a worldwide surveillance dragnet. Five of the main acts are covered below. Before that time, as Anthony noted, it was a much freer market. Banks generally decided what information they wanted to gather and keep on file. This information almost exclusively remained in the possession of the bank. There was virtually no information sharing with the federal government. That all changed when President Richard Nixon signed the Bank Secrecy Act (BSA) on Oct. 26, 1970.” (05/31/24)