Identity Theft: A Solution?
As you know, 26 million soldiers and veterans had their Social Security numbers and credit card numbers stolen last month. Before that, tens of millions of Americans had already had their personal information stolen. The good news is: Congress is planning to fix this problem.
The bad news is: Congress is planning to fix this problem.
By now we’re all used to having Orwellian names from our government. From the same bunch of winners who brought us the Patriot Act, the Clear Skies Initiative and the Healthy Forests Initiative, get ready for: the Financial Data Protection Act.
As you’ve probably guessed, the Financial Data Protection Act has nothing to do with protecting your Social Security number or any other personal information. The only things being “protected” here are the assholes who keep losing everyone’s personal information.
The Financial Data Protection Act has already been approved by the House Financial Services Committee. It will probably be voted on by the full House later this month.
The main purpose of this law is to pre-empt state laws which have been offering some protections against Identity Theft. In eighteen states, consumers now have the right to put a freeze on their credit files. This makes it harder, if not impossible, for identity thieves to access their financial information and steal their credit card numbers.
Some of these states also require banks to inform their customers when personal data has been lost or stolen.
These state laws are very annoying to the Banking Sultans who own Congress and the White House. The Sultans have instructed their prostitutes (Congress) to fix this problem. Their orders: pass a federal law pre-empting all these pesky state laws. But this law has to have a nice feelgood name, so it sounds like they’re actually concerned about millions of peons who’ve had their lives ruined by Identity Theft.
Presto! The Financial Data Protection Act was born. If this law had existed two years ago, we’d all be blissfully unaware of the millions of Social Security numbers and credit card numbers that have been stolen. The number of Identity Theft victims would probably be twice as high, since we wouldn't have to be informed if our data was stolen and we wouldn't be able to freeze our accounts.
This is what the banking industry wants, and