https://www.congress.gov/bill/118th-congress/senate-bill/686/text The New RESTRICT Act needs all of our attention
Shut This Bill Down NOW! S 686 Would Also Outlaw Bank Runs S 686 outlaws "(B) catastrophic effects on the security or resilience of the critical infrastructure or digital economy of the United States;..." Technically, anyone who participates in a bank run could go to jail for having endangered the American digital economy. So, this bill would make electronic bank runs illegal, and every participant in such a bank run could be fined $250,000 and put in jail for 20 years. Isn't that nice? The banksters could put you in jail for trying to get your own money out of a bank. You've got to admit, that's a pretty neat trick. [–]DanteTheSimpSlayer 3 points 7 hours ago The french are burning the city because they increased the pension age by 2 years. USA - this is your time to shine. permalink embed save report reply [–]TheOtherCoolCat 2 points 7 hours ago That's great. Nice one for the people permalink embed save report reply [–]Suitable_Algae_2539 2 points 7 hours ago This is a very sneaky way of going about these things. It almost feels like bankers know trust is almost gone for good and they set up some backdoor mechanisms to survive. Seems legit looking at the way regulators see this sector permalink embed save report reply [–]HannyBo9Platinum | QC: CC 45 2 points 6 hours ago It’s time to shrink government. They are perpetually over stepping now. Vote for small government politicians like libertarians. permalink embed save report reply [–]Walla_Walla_26Platinum | QC: BTC 20, CC 19 1 point 4 hours ago As long as they are not Rand Paul, I’m in permalink embed save parent report reply [–]AccomplishedView4709Tin | CelsiusNet. 45 1 point 6 hours ago I want the person who unfortunately get charged with a crime for try to get their money out of the bank to suit the bank and government in Supreme Court. The laws could be infringed on individual property rights. This law give too broad power to the government. permalink embed save report reply [–]CardanoCrusaderTin | ADA 67[S] 1 point 6 hours ago Hey, we've already got asset forfeiture in this country. It's legal for the government to take your money if the money was obtained through a crime. From the DEA website: "Forfeiture is the government taking of property, because it was used or obtained in violation of the law. " If this law passes, electronic bank runs would be against the law. So: The simple act of trying to withdraw your own money would be ruled a CRIMINAL act that endangered the digital economy of the United States, The money you were trying to withdraw would be seized by the government as part of the criminal activity, You would be fined an ADDITIONAL $250,000 and spend 20 years in jail for trying to get your own money. But, on the bright side, .... um.... I forget where I was going with this. https://www.dea.gov/operations/asset-forfeiture permalink embed save parent report reply [–]Walla_Walla_26Platinum | QC: BTC 20, CC 19 1 point 4 hours ago That’s pretty much it. So you couldn’t take your money out unless you are spending it?? permalink embed save parent report reply [–]CardanoCrusaderTin | ADA 67[S] 1 point 4 hours ago You couldn't take it out at all. permalink embed save parent report reply [–]Walla_Walla_26Platinum | QC: BTC 20, CC 19 1 point 4 hours ago I’m not sure how that supports an actual banking system permalink embed save parent report reply [–]CardanoCrusaderTin | ADA 67[S] 1 point 4 hours ago If the depositors cannot take their money out, the bank doesn't have to pay most of the people it owes money to (the depositors). Think how well life would work for you if anyone who you owed money to would be sent to jail if they asked you for their money. Would that be a good support for YOU economically? Because it would work really well for banks. permalink embed save parent report reply [–]Walla_Walla_26Platinum | QC: BTC 20, CC 19 1 point 4 hours ago It wouldn’t be a bank anymore. You have to be able to use your own money. Guess I would have to figure it out. Or riot. Maybe riot permalink embed save parent report reply [–]CardanoCrusaderTin | ADA 67[S] 1 point 4 hours ago Once you give it to the bank, it ain't your money. Not from the bank's point of view, it isn't. The FDIC won't guarantee more than $250,000. If you have more than that in a failing bank, you lose the excess. This bill allows the guarantee to drop to zero. permalink embed save parent report reply [–]AccomplishedView4709Tin | CelsiusNet. 45 1 point 3 hours ago At issue is when are you allowed to withdraw your money from the bank and you never post anything to cause the panic and the bank has the bank runs. When will it not be considered a crime? Just like police confiscation, people fought it and some people won their case and get property back after forcing the judge to make a ruling on it. permalink embed save parent report reply [–]Walla_Walla_26Platinum | QC: BTC 20, CC 19 1 point 4 hours ago This will only concentrate deposits in the largest banks or into crypto. No one would want to take a chance with their money at a small bank. How would they prove you participated in a bank run anyway? permalink embed save report reply [–]CardanoCrusaderTin | ADA 67[S] 1 point 4 hours ago Oh, it's easy to prove. Everyone who withdraws their money within a certain time frame could be prosecuted. All the banks have KYC. It's not like the banks wouldn't turn the information over to the feds upon demand. permalink embed save parent report reply [–]Walla_Walla_26Platinum | QC: BTC 20, CC 19 1 point 4 hours ago I just don’t see anything like that passing permalink embed save parent report reply [–]CardanoCrusaderTin | ADA 67[S] 1 point 4 hours ago In the 1990s, no one saw gay marriage passing - Bill Clinton opposed it. In the early 2000's no one saw transsexual surgery on children passing. Three years ago, no one saw Russia invading Ukraine. permalink embed save parent report reply [–]Walla_Walla_26Platinum | QC: BTC 20, CC 19 1 point 4 hours ago I don’t even know how to respond to that other than we’ll see I guess permalink embed save parent report reply