Violating privacy one bank account at a time: Democrats want to pay the feds to watch every penny you spend

The Washington Times reports:

Sen. Christopher Dodd's "regulatory reform" bill, S. 3217, the Restoring American Financial Stability Act of 2010, has many contentious proposals that have members from both political parties on edge.

The bill cauterizes "too big to fail" by establishing a Financial Stability Oversight Council that would indentify politically important institutions, sending the signal that some companies are indeed too big to fail.

It creates a permanent bailout authority by authorizing the Federal Deposit Insurance Corporation (FDIC) to "make available ... funds for the orderly liquidation of covered financial institutions."