Michele Bachmann Interview Notes
Friday, December 11th, 2009Thursday afternoon, I interviewed Rep. Michele Bachmann about H.R. 4173, the Wall Street Reform and Consumer Protection Act of 2009. One of the first points Rep. Bachmann made was that it centered too much power in the executive branch.
According to the legislation’s language in Section 1101, the “Council and the Board are authorized to receive, and may request the production of, any data or information from members of the Council, as necessary (1) to monitor the financial services market place to identify potential threats to the stability of the United States financial system.” The “Council and Board” are allowed to demand information from financial instituions without getting a search warrant.
When I asked whether this might constitute a violation of the Fourth Amendment, Rep. Bachmann said that it might indeed constitute a violation of a company’s Fourth Amendment rights.
Rep. Bachmann also pointed out that this legislation would codify into law a bailout clause. She pointed me towards a document that the House GOP leadership put together titled “10 Reasons to Oppose H.R. 4173.” That document quotes Rep. Brad Sherman, (D-Calif.), as saying this: (more…)