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  1. #1
    Join Date
    Nov 2005

    SWweeping provision that affects your privacy

    June 19, 2008
    Senate Housing Bill Requires eBay, Amazon, Google, and All Credit Card Companies to Report Transactions to the Government

    Broad, invasive provision touches nearly every aspect of American commerce.

    Contact: Adam Brandon
    Phone: (202) 942-7698
    Email: abrandon@freedomworks.org

    Washington, D.C. -

    Update: Senate Finance Committee Ranking Member Charles Grassley is pushing the bill. Hidden deep in Senator Christopher Dodd's 630-page Senate housing legislation is a sweeping provision that affects the privacy and operation of nearly all of America's small businesses. The provision, which was added by the bill's managers without debate this week, would require the nation's payment systems to track, aggregate, and report information on nearly every electronic transaction to the federal government.
    Call Congress and Tell Them to Oppose The eBay Reporting Provision in the Housing Bill: 1-866-928-3035
    FreedomWorks Chairman Dick Armey commented: "This is a provision with astonishing reach, and it was slipped into the bill just this week. Not only does it affect nearly every credit card transaction in America, such as Visa, MasterCard, Discover, and American Express, but the bill specifically targets payment systems like eBay's PayPal, Amazon, and Google Checkout that are used by many small online businesses. The privacy implications for America's small businesses are breathtaking."

    "Privacy groups like the Center for Democracy and Technology and small business organizations like the NFIB sharply criticized this idea when it first appeared earlier this year. What is the federal government's purpose with this kind of detailed data? How will this database be secured, and who will have access? Many small proprietors use their Social Security number as their tax ID. How will their privacy be protected? What compliance costs will this impose on businesses? Why is Sen. Chris Dodd putting this provision in a housing bailout bill? The bill also includes the creation of a new national fingerprint registry for mortgage brokers.

    "At a time when concerns about both identity theft and government spying are paramount, Congress wants to create a new honey pot of private data that includes Social Security numbers. This bill reduces privacy across America's payment processing systems and treats every American small business or eBay power seller like a criminal on parole by requiring an unprecedented level of reporting to the federal government. This outrageous idea is another reason to delay the housing bailout legislation so that Senators and the public at large have time to examine its full implications."

    From the Senate Bill Summary:

    Payment Card and Third Party Network Information Reporting. The proposal requires information reporting on payment card and third party network transactions. Payment settlement entities, including merchant acquiring banks and third party settlement organizations, or third party payment facilitators acting on their behalf, will be required to report the annual gross amount of reportable transactions to the IRS and to the participating payee. Reportable transactions include any payment card transaction and any third party network transaction. Participating payees include persons who accept a payment card as payment and third party networks who accept payment from a third party settlement organization in settlement of transactions. A payment card means any card issued pursuant to an agreement or arrangement which provides for standards and mechanisms for settling the transactions. Use of an account number or other indicia associated with a payment card will be treated in the same manner as a payment card. A de minimis exception for transactions of $10,000 or less and 200 transactions or less applies to payments by third party settlement organizations. The proposal applies to returns for calendar years beginning after December 31, 2010. Back-up withholding provisions apply to amounts paid after December 31, 2011. This proposal is estimated to raise $9.802 billion over ten years.

  2. #2
    Join Date
    Jun 2006

    Re: SWweeping provision that affects your privacy

    That is INSANE. and how are they going to remember this, by putting a SPECIAL FILE ON YOU. Well Just think if the tables were turned what nasty things we would find out about all the government people. Where they spend their money that they "earned" and they are not even worth the money that they earned because they are all 1 TRILLION times INCOMPETENT. I dont got a credit card, but you know, if you make a money order now days, they have to have your name and that is another way to spy on you. I said to the lady, so the government has to spy on us this way too. FORGET IT I dont need anything with money orders anymore.

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