Bank Secrecy Act Crushes Small Businesses
The Bank Secrecy Act doesn’t just violate our freedoms; it also crushes small businesses.
The Trump administration expanded financial surveillance last year by decreasing the reporting thresholds for currency transaction reports from $10,000 to just $200. After public pushback and a legal challenge by the Institute for Justice, the threshold was raised to $1,000.
Yet, the damage was done. Evangelina Ornelas told The Guardian that her business was already destroyed. Ornelas runs a small, family-owned grocery store that used to have long lines of customers waiting for their money services (e.g., check cashing and remittances). Those lines have dried up, however, due to privacy concerns under the new surveillance.