FOR IMMEDIATE RELEASE:
October 8, 2024
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Sen. Lee’s Saving Privacy Act Safeguards People’s Private Information
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Eagle Forum proudly supports the Saving Privacy Act (S. 5242). As technology advances and the federal government continues to collect more data on the American people, there is an increased risk of abuse from government surveillance. This legislation, introduced by Sen. Mike Lee (R-UT), aims to protect our Fourth Amendment privacy rights regarding our financial information.
After the events of January 6, 2021, the Financial Crimes Enforcement Network (FinCEN) and Federal Bureau of Investigations (FBI) scrutinized bank transactions that included certain keywords, such as “Trump” or “MAGA.” Essentially, the federal government deemed anyone using those words someone who could commit “homegrown violent extremism.” FinCEN and the FBI were never held accountable for their actions.
In addition, the Security and Exchanges Commission (SEC) has begun constructing a centralized database (Consolidated Audit Trail - CAT) to surveil all stock market transactions. Once complete, the SEC will have access to the personal information of everyone who participates in the stock market. This is being done without Congressional approval despite the clear constitutional implications.
Eagle Forum endorses this legislation because it will, in part, repeal the SEC’s CAT database and require congressional approval before any agency is allowed to set up a database that collects personally identifiable information on Americans. In addition, the bill prohibits the creation of a Central Bank Digital Currency that can be used to de-bank unpopular individuals and businesses. It will also implement penalties for federal employees who illegally seek constitutionally-protected financial information and create a private right of action for individuals and institutions harmed by illicit government activity.
“We applaud Senator Lee for introducing this necessary legislation to protect the American people and businesses from financial surveillance. The federal government should protect our personal financial information — not collect it to monitor our behavior. We urge all Senators to cosponsor and support the Saving Privacy Act and urge the House of Representatives to do the same,” said Kris Ullman, President of Eagle Forum.
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Eagle Forum was founded by Phyllis Schlafly, a dynamic and charismatic leader who inspired countless women and men to participate in the process of self-government and public policy-making so that America will continue to be a land of individual liberty, with respect for the nuclear family, public and private virtue, and private enterprise. For nearly fifty years, Eagle Forum’s network of state organizations has led the charge to mobilize the grassroots to defend the founding principles of the United States.
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