_{USA NEWS}

House Committee Alleges FBI Exploits Bank Loophole for Warrantless Financial Surveillance

The House Judiciary Committee and its Subcommittee on Weaponization of the Federal Government have released a report accusing the FBI of using the Suspicious Activity Report (SAR) system to access Americans' private financial data without warrants or probable cause.

Key Findings:

• FBI’s Use of SARs: The FBI allegedly pressured banks to file SARs on individuals it deemed suspicious, bypassing the legal process required under the Bank Secrecy Act.

• Violation of Privacy: The committee claims this practice undermines Americans' financial privacy and violates Fourth Amendment protections.

• Whistleblower Allegations: A whistleblower revealed that Bank of America, without legal process, shared customer data with the FBI after the January 6, 2021 riots.

The FBI defends its actions as lawful, citing its mandate to investigate federal crimes and threats to national security. However, the committee argues these revelations highlight an alarming erosion of financial privacy and warrantless government surveillance. Read More.

_{ECONOMIC NEWS}

Fear of Trump Tariffs Drives Americans to Stockpile Essentials

A CreditCards.com survey reveals that one-third of Americans are ramping up holiday purchases, motivated by fears of higher tariffs under President-elect Donald Trump. Key findings include:

• Stockpiling Essentials: 34% of respondents are hoarding items like toilet paper (77%), nonperishable food (76%), medical supplies (58%), and over-the-counter medications (54%).

• Big-Ticket Purchases: 22% plan to buy electronics and home appliances ahead of potential price hikes.

• Debt Concerns: 30% expect to go into or worsen debt to secure goods before tariffs raise costs.

• Tariff Plans: Trump has proposed sweeping tariffs, including up to 60% on Chinese goods and additional duties on Canada and Mexico, causing businesses and consumers to prepare for higher prices.

While the incoming administration downplays tariff-related inflation risks, businesses and consumers are bracing for potential disruptions and increased costs. Read Now.