Honestly, I am OK with payment processors being privatized, they always have been. What needs to happen is regulatory legislation that restricts the grounds on which a financial institution can reject a transaction to strictly what violates interstate commerce law.
Just because they always have been doesn’t mean it’s good. It’s definitely not good for private companies to have monopoly power like that. That power will only be used for their gain (and our collective loss).
Fair enough. I guess I am just so used to the way things are I struggle to see how a government payment processor works without running the risk of police overreach. I do understand that long standing agencies like the IRS and DoE do a good job of fending off advances of police trying to illegally obtain private info, but a new agency or new power for an agency wherein they have access to the exact purchase data of every transaction done using anything other than cash gives me strong pause. It would be trivial to put it under the executive branch and put in there that if someone uses it they waive their 4th Amendment rights in such a way that it is not unconstitutional. The police state already wants to push us towards a cashless society because getting the information is already borderline too easy and there are privacy laws in place to supposedly protect us from such intrusion. Taking out the middle man means I have to trust some department head who is probably a political appointee, and we all see how well that can go.
Honestly, I am OK with payment processors being privatized, they always have been. What needs to happen is regulatory legislation that restricts the grounds on which a financial institution can reject a transaction to strictly what violates interstate commerce law.
Just because they always have been doesn’t mean it’s good. It’s definitely not good for private companies to have monopoly power like that. That power will only be used for their gain (and our collective loss).
Fair enough. I guess I am just so used to the way things are I struggle to see how a government payment processor works without running the risk of police overreach. I do understand that long standing agencies like the IRS and DoE do a good job of fending off advances of police trying to illegally obtain private info, but a new agency or new power for an agency wherein they have access to the exact purchase data of every transaction done using anything other than cash gives me strong pause. It would be trivial to put it under the executive branch and put in there that if someone uses it they waive their 4th Amendment rights in such a way that it is not unconstitutional. The police state already wants to push us towards a cashless society because getting the information is already borderline too easy and there are privacy laws in place to supposedly protect us from such intrusion. Taking out the middle man means I have to trust some department head who is probably a political appointee, and we all see how well that can go.
Rock meet hard place.