The Treasury Department has admitted to assisting law enforcement in the capture of those connected to the Capitol hack on January 6. In order to provide this support, banks were prompted to examine the transactions of their clients by using phrases like “MAGA” and “Trump” in a monitoring program that was initially designed to stop money laundering but was later used to identify Jan. 6 participants.
The US Treasury Department’s financial crime-fighting unit, the Financial Crimes Enforcement Network (FinCEN), distributed documents to banks that included keywords that could be used to flag private financial transactions of possible suspects for law enforcement on January 6. This constituted “pervasive financial surveillance.”
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Additionally, the papers allegedly gave banks guidance on how to use indications such “the purchase of books (including religious texts)” and media subscriptions with “extremist views.”
Republican senators demanded explanations in response to the concerning claims that FinCEN put pressure on banks to keep an eye on their customers’ private transactions for questionable charges, including statements of religion and politics.
Sen. Tim Scott (R-S.C.), the ranking Republican on the Senate Banking Committee, was one of these. In a letter dated January 19, he pressured Treasury Secretary Janet Yellen and FinCEN head Andrea Gacki for responses, stating that, if accurate, the accusations “represent a flagrant violation of Americans’ privacy and the improper targeting of U.S. citizens for exercising their constitutional rights without due process.”
Republicans grilled Biden’s Treasury Secretary on Thursday, despite her department’s order to banks to search American financial records for “extremists” starting on January 6.
Financial Crimes Enforcement Network (FinCEN) investigators from the Department of Treasury have urged US banks to search customer transactions for terms like “MAGA” and “Trump.” They have also specifically asked banks to “monitor” Americans who visit outdoor retailers like Cabela’s, Dick’s Sporting Goods, and Bass Pro Shops, as well as those who buy religious literature like Bibles.
“Did you shop at Bass Pro Shop yesterday or purchase a Bible? If so, the federal government may be watching you,” Jordan wrote on X in January, the month when the techniques of monitoring were first made public.
“We now know the federal government flagged terms like ‘MAGA’ and ‘TRUMP,’ to financial institutions if Americans completed transactions using those terms,” he wrote in another post. “What was also flagged? If you bought a religious text, like a BIBLE, or shopped at Bass Pro Shop.”
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Republicans were incensed over the report and the Biden administration, and many demanded an explanation of the government’s eavesdropping practices.
Yellen faced questions this week at two sessions on Capitol Hill over her agency’s requests for surveillance.
“Has Treasury … instructed financial institutions to search Americans’ legal transactions in attempts to surveil their purchases?” Yellen was questioned by Republican Representative Ann Wagner (R-MO) on Tuesday.
“Well we received a letter from you I believe on this topic and we intend to investigate fully,” Yellen claimed.
“Are they instructing financial institutions to search Americans’ legal transactions in attempts to surveil their purchases?” Wagner asked again.
“I promise a thorough look into everything,” the secretary remarked.
“This is really concerning, and I would hope you get to it just as quickly as possible, Madam Secretary,” Wagner fumed.
Senator Tim Scott (R-SC), who was present at the Senate Banking Committee hearing on Thursday, chastised the secretary of the Treasury for illegally monitoring Americans.
“FinCEN was created to stop money laundering and not to spy on Americans,” he said. “It was not created for political motivations.”
Yellen was questioned by Senator Bill Hagerty (R-TN), but she responded that the monitoring program started prior to her appointment as secretary and promised to look into it further.
“I will get back to you with more detailed information when I’ve had a chance to study this thoroughly,” She informed the Tennessee Republican.
The Treasury’s decision to unfreeze $6 billion in funds to Iran, which backs proxies assaulting American forces in the Middle East, drew criticism from Republican lawmakers.
