Housing Bill, what do you think is in it, check this out

I picked up this from Yahoo news and I think we all might want to take a look at this.  I posted as a comment but don’t know how many will see that comment and I think this is serious enough to warrent a diary.

link
Update: Senate Finance Committee Ranking Member Charles Grassley is pushing the bill.
Hidden deep in Senator Christopher Dodd’s 630-page Senate housing legislation is a sweeping provision that affects the privacy and operation of nearly all of America’s small businesses. The provision, which was added by the bill’s managers without debate this week, would require the nation’s payment systems to track, aggregate, and report information on nearly every electronic transaction to the federal government.
Call Congress and Tell Them to Oppose The eBay Reporting Provision in the Housing Bill: 1-866-928-3035

FreedomWorks Chairman Dick Armey commented: “This is a provision with astonishing reach, and it was slipped into the bill just this week. Not only does it affect nearly every credit card transaction in America, such as Visa, MasterCard, Discover, and American Express, but the bill specifically targets payment systems like eBay’s PayPal, Amazon, and Google Checkout that are used by many small online businesses. The privacy implications for America’s small businesses are breathtaking.”

snip

Payment Card and Third Party Network Information Reporting. The proposal requires information reporting on payment card and third party network transactions. Payment settlement entities, including merchant acquiring banks and third party settlement organizations, or third party payment facilitators acting on their behalf, will be required to report the annual gross amount of reportable transactions to the IRS and to the participating payee. Reportable transactions include any payment card transaction and any third party network transaction. Participating payees include persons who accept a payment card as payment and third party networks who accept payment from a third party settlement organization in settlement of transactions.

So folks, I think we better pay attention to this one or we are going to be in a world of hurt with even more of our privacy taken away from us. This will make the spying with telecoms look like small potatoes. I wonder what else is in this bill and what chance it has of passing.

By the way, hi everyone, hope all are in good health and happy.