Obama-Backed Financial Reform Bill Would Create New Bureaucracy with Power to Subpoena ‘Any Data’ from ‘Any Financial Company’

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The financial regulatory bill, which passed the Senate Banking Committee on March 22 with President Barack Obama’s backing and is now a top priority for congressional Democrats, would create a new Treasury Department bureaucracy authorized to collect any and all information from “any financial company” to analyze whether financial firms and their business practices might threaten financial stability.

The new bureaucracy would have subpoena power...

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