Should banks share your financial records and bank transactions with the federal government?
Well, because of the Bank Secrecy Act, they do.
(NEW STUDY: cato.org/study/restorin…)
An important #CatoEcon 🧵...
The Bank Secrecy Act requires financial institutions to assist federal agencies in detecting & preventing money laundering & other crimes
It forces private companies to act as law enforcement agents
LEARN MORE: cato.org/study/restorin… #CatoEcon
Millions of Suspicious Activity Reports are filed annually—but only 1 in 1720 resulted in an investigation by the IRS in 2012
In the last ten years, the number of SARs have almost doubled, while the number of investigations halved
LEARN MORE: cato.org/study/restorin… #CatoEcon
The Bank Secrecy Act has proven a minor inconvenience for criminals...but a major burden on law abiding citizens.
Catching criminals is a worthy goal, but not at the cost of Americans’ financial privacy.
LEARN MORE: cato.org/study/restorin… #CatoEcon
The Bank Secrecy Act endangers Americans’ constitutional rights
But virtually no empirical evidence suggests that it has actually reduced crime.
Financial institutions should not be forced to act as law enforcement agents.
LEARN MORE: cato.org/study/restorin… #CatoEcon
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