Treasury Sec. Janet Yellen ducks questions by Republicans demanding to know why feds asked banks to scour customer transactions for ‘Trump’ or ‘MAGA’
President Biden’s Treasury Secretary Janet Yellen dodged multiple questions from Republicans about why her department instructed banks to comb through Americans’ bank records after January 6 looking for ‘extremists.’
Federal investigators in Treasury’s Financial Crimes Enforcement Network (FinCEN) asked U.S. banks to scour customer transactions for key terms like ‘MAGA’ and ‘Trump,’ Republicans revealed in January.
The federal government was specifically ‘watching’ Trump supporters and Americans who frequent outdoor stores such as Cabela’s, Dick’s Sporting Goods and Bass Pro Shops, and also those who purchased religious texts, such as a Bible.
The report sparked a flurry of backlash at the Biden administration from Republicans demanding answers about the government’s spy tactics.
And Yellen was grilled over her agency’s surveillance requests this week during dual appearances on Capitol Hill.
But Biden’s top financial advisor deflected many questions from furious Republicans, saying the matter was being investigated and that she did not know much about the situation.
‘Has Treasury … instructed financial institutions to search Americans’ legal transactions in attempts to surveil their purchases?’ Republican Rep. Ann Wagner, R-Mo., asked Yellen at a hearing Tuesday.
‘Well we received a letter from you I believe on this topic and we intend to investigate fully,’ Yellen answered.
Wagner again asked Yellen: ‘Are they instructing financial institutions to search Americans’ legal transactions in attempts to surveil their purchases?’
‘I promise a thorough look into everything,’ the secretary said.
‘This is really concerning, and I would hope you get to it just as quickly as possible, Madam Secretary,’ Wagner finished during the testy exchange.
Additionally, during a Senate Banking Committee hearing on Thursday, Republican Sen. Tim Scott , R-S.C., chided the secretary over the department’s surveillance instructions.
‘FinCEN was created to stop money laundering and not to spy on Americans,’ he said. ‘It was not created for political motivations.’
After getting grilled by Sen. Bill Hagerty, R-Tenn., on the Treasury’s surveillance instructions, Yellen claimed the matter occurred before she was sworn into her role as secretary and she would look into the matter.
‘I will get back to you with more detailed information when I’ve had a chance to study this thoroughly,’ she told the Tennessee Republican.
Yellen was also grilled for the Treasury’s unfreezing of $6 billion of funding to Iran – especially as the hostile nation has backed its proxies to attack U.S. troops in the Middle East.
She repeatedly reiterated that the funding was meant to be used for humanitarian purposes only.
According to the report released by Judiciary Chairman Jim Jordan, R-Ohio, in January, the terms ‘MAGA’ and ‘Trump’ were also suggested by the department to be searched in Zelle payments.
‘Did you shop at Bass Pro Shop yesterday or purchase a Bible? If so, the federal government may be watching you,’ Jordan posted on X at the time.
‘We now know the federal government flagged terms like ‘MAGA’ and ‘TRUMP,’ to financial institutions if Americans completed transactions using those terms,’ he wrote in another post. ‘What was also flagged? If you bought a religious text, like a BIBLE, or shopped at Bass Pro Shop.’
Further, officials warned banks of ‘extremism’ indicators like the purchase of a bus or plane ticket ‘for travel to areas with no apparent purpose’ or the purchase of a religious text, like a Bible, according to documents.
Subscriptions to news outlets containing ‘extremist’ views would also be an indicator for financial instructions to look at, according to the material the Treasury provided to banks.
