The House Judiciary Committee and its Select Subcommittee on the Weaponization of the Federal Government have released an interim report detailing allegations that, under the Biden-Harris Administration, federal law enforcement has collaborated extensively with financial institutions, granting itself unchecked access to private financial data.
The report is titled “Financial Surveillance in the United States: How the Federal Government Weaponized the Bank Secrecy Act to Spy on Americans.”
Key findings include:
• FBI Use of Suspicious Activity Reports (SARs): The FBI has reportedly manipulated the SAR filing process, effectively deputizing financial institutions as extensions of law enforcement. Through informal “requests” lacking legal process, the FBI allegedly compels financial institutions to provide information on individuals or activities it deems “suspicious.”
• January 6, 2021, SAR Coordination: In the aftermath of January 6, 2021, the FBI worked with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) to urge financial institutions nationwide to analyze their records and file SARs on hundreds of Americans without a clear criminal basis.
• Unrestrained Government Access to Private Data: The report asserts that the federal government’s access to Americans’ private financial data is extensive and lacks proper oversight.
• Expansion of Surveillance Technologies:Financial institutions and FinCEN are reportedly developing confidential projects and utilizing emerging technologies to enhance their capacity for monitoring Americans.
The report claims that federal law enforcement has repeatedly circumvented statutory limits governing access to financial data. It warns that as modern financial systems evolve, nearly all financial activity could soon fall under federal surveillance.
Read the interim staff report here.
