Er...my bank already records the location of deposits (and spending on my cards) and my statements for the last three years are online. Additionally, they are required to notify the government of any cash transactions I make exceeding $5000, under the Patriot Act. I question the idea that this is some sort of attempt to create a command economy...the Cato institute strike me as a somewhat ideological in economic matters.
In any case, executive support for a separate Consumer Financial Protection Agency, like that for the $50 bn liquidation fund, is weak.
For a little perspective, here's the Cato institute's fairly relaxed review of the Patriot Act in practice: http://www.cato.org/pub_display.php?pub_id=10692 Though they've filed a few amicus curiae briefs over 'enemy combatant' detentions they haven't exactly been at the forefront of electronic privacy issues.
First, what is a financial transaction that the government isn't aware about, if not black market?
Second, the government wants financial data for regulation purposes. I fail to see how a "competitive environment for financial data" (IIRC, private companies close to financial interests) could be trusted with the gathering of such data. We could easily have conflicts of interests.
In any case, executive support for a separate Consumer Financial Protection Agency, like that for the $50 bn liquidation fund, is weak.
For a little perspective, here's the Cato institute's fairly relaxed review of the Patriot Act in practice: http://www.cato.org/pub_display.php?pub_id=10692 Though they've filed a few amicus curiae briefs over 'enemy combatant' detentions they haven't exactly been at the forefront of electronic privacy issues.