KGIII Elite 8 Matchup
Janet Yellen (Treasury)
vs.
Gary Gensler (SEC)
It’s just information gathering. As Secretary of the Treasury, Janet Yellen defended an unconstitutional law that requires any business with fewer than 20 employees to report to the Department’s Financial Crimes Enforcement Network to disclose sensitive corporate ownership data, accessible to law enforcement in violation of the Fourth Amendment. The law also coerces speech under the First Amendment by requiring significant penalties and even jail time for non-compliance. Plus the law regulates businesses that have not even engaged in commerce yet, in violation of the Commerce Clause’s limits on government legislation and regulation.
Big brother on the consumer audit trail. As Chairman of the SEC, Gensler unleashed the ultimate “big brother” action overseeing the largest government-mandated mass collection of personal financial data in American history. Without any statutory authorization from Congress, SEC is forcing brokers, exchanges, clearing agencies and alternative trading systems to capture and send detailed information on every investor’s trades in U.S. markets to a centralized database, which SEC and private regulators can access forever (but whose security they cannot ensure).
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