From an April 30 Washington Times column titled “Big Brother loves 'financial reform'”:

The next time you make a withdrawal from an automated teller machine, Treasury Secretary Timothy F. Geithner might be watching over your shoulder. Boosted by the sweeping, 1,400-page financial regulatory proposal currently making its way through the Senate, Mr. Geithner would have unprecedented, real-time access to a wealth of personal and corporate financial data - all in the name of protecting the public.

The legislation, sponsored by Senate banking committee Chairman Christopher J. Dodd, would create the innocuously named Office of Financial Research as a central repository for transaction-related records held by financial companies. According to proponents, “decision-makers” like Mr. Geithner need up-to-the-minute information to act in order to prevent what they refer to as another Wall Street meltdown. The proposed agency would also provide statistical analysis and research, purportedly to monitor systemic risk to the financial system.

The idea raises a number of red flags, not least of which is the plan's fundamentally flawed premise that a central committee of unelected bureaucrats would be qualified to judge what's right and what's wrong for the economy.

[...]

Yet the details of the proposal show that this new agency's mission is not meant to be limited to improving the quality of financial data. Mr. Dodd's legislation would grant the agency director the coercive power of subpoena to obtain records and rulemaking authority to force private-sector firms to maintain their internal financial records in a format acceptable to the government. The legislation also grants sweeping authority to maintain a data center that would collect and maintain “all data necessary” to carry out the director's wishes.

Previously:

Rove, Fox News morph uncontroversial proposal into government spying on “everybody's checking accounts”