Look Who Has Free Access to Credit Cards
Last week the senate debated new regulations for the credit card industry. Senator David Vitter (R-LA) proposed Amendment #1066 to strengthen the regulations. His amendment would close the loophole that facilitated the 9/11 event by requiring all US Banks to verify the identity of “any applicant” who is not a citizen or national of the United States before allowing them to open a credit or debit card account. Senator Vitter, defending his amendment, argued that since 9/11, several US Banks exploit this loophole and continue to issue credit and debit cards to illegal aliens.
The Senate Banking Committee chairperson Chris Dodd (D-CT), erroneously spoke out in opposition to Vitter’s amendment stating the USA Patriot Act already addressed this issue and the recent bill is to provide consumer protection through credit card reform. Well Senator Dodd, had you read the section (and I doubt you did) that addresses Senator Vitter’s concern, you will find the wording leaves a HUGE loophole for banks to do their own thing---and they are! Senator Dodd closed his opposition on Vitter’s Amendment by stating that the Treasury Department was also opposed to the Amendment. Oh what tangled webs we weave, when first we practice to deceive… Senator Vitter’s amendment was defeated!
The 9/11 Commission reported that hijackers not only circumvented immigration laws, they financed their horrendous actions against our country using ATM’s and credit cards issued by US Banks.
Congress referred the Commission’s report to the Department of Treasury as part of the USA Patriot Act. They in turn were supposed to impose strict regulations requiring banks to obtain, and correctly record, vital identifying information about their customers. This included date of birth, Social Security number, and passport number. Unfortunately, the final regulations handed down left the gaping hole that Senator Vitter was trying to close. The Treasury's wording, allowed banks to develop their own “at risk approach” for determining whom their customers’ were. Wait a minute; I thought the Patriot Act was set up to protect American citizens. Oops, I forgot that’s only in fairy tales!
“Communism has never come to power in a country that was not disrupted by war or corruption or both.”~~J F Kennedy