Former Fed President: Government Snooping on Bank Transactions Over $600 a “Massive Search Without a Search Warrant”

Source: Foundation for Economic Education
by Jon Miltimore

“A proposal from the Biden Administration that would require banks to monitor personal accounts and report all financial transactions over $600 to the IRS is under fire. On Tuesday, Treasury Secretary Janet Yellen defended the proposal on CNBC’s ‘Squawk Box,’ calling the collection of financial information ‘routine’ after some in the banking community criticized it as an unprecedented invasion of privacy. ‘It’s just a few pieces of information about individual bank accounts,’ the secretary said. Others disagree with Yellen’s description of the Treasury Department’s proposal, however. … ‘It’s a massive search without a search warrant,’ said Thomas Hoenig, who served as president of the Kansas City Fed from 1991 to 2011.” (10/07/21)