House Judiciary Committee Chair Jim Jordan, R-Ohio, told Newsmax on Tuesday that federal government officials need to stop abusing the Bank Secrecy Act and working with banks to spy on Americans’ financial transactions.
Jordan told “The Record With Greta Van Susteren” that “the misnamed Bank Secrecy Act” is “really not about keeping your information secret and private.” Instead, he said, it’s “a way to have the banks give information to the government.”
“It used to be the banks would say, ‘Oh, we see some suspicious activity here, like the local hardware store owner is suddenly doing $20,000 transfers every other day. Something’s going on here.’ And they would report that, which is, maybe there’s some concerns with that alone,” Jordan said. “But that’s not what’s happening now. It’s the government going to the banks and saying, ‘Hey, what do you think about this? Can you check on this customer or this person or this business entity?’ And then the banks are giving that information, most importantly, without a warrant. We found that this information then goes to Treasury. It’s in a database that can be searched, and in 2023, 14,000 federal government officials did three million searches of Americans’ personal banking information, again, without a warrant. That is what’s wrong. That’s why we released the report, and this has got to stop.”
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