USA Patriot Act
Categories: Regulations
Yeah, that was the Act that ensured the New England Patriots would win every Super Bowl from that year forward. Eh, okay…maybe it only seems that way. Brady still gets his mail at the Super Bowl.
So…the Patriot Act. What is it, and how does it affect our lives?
Let’s start by setting the stage. September 11, 2001. Planes piloted by al-Qaeda hijackers fly into the two towers of the World Trade Center in New York. Mass devastation. Thousands of lives lost. Panic. Heart-rending sadness. Anger. Fear that it would happen again. That next time, it would get us, or our loved ones.
Enter the Patriot Act, created by the U.S. government to deter terrorist activity and funding. And, believe it or not, “USA PATRIOT” is actually an acronym: “Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism.” Kind of rolls off the tongue. As long as, uh...you’ve first basted your tongue with coconut oil. But yeah, that was the idea: to make it as inconvenient and difficult as possible for anyone with ill intent to harm our country.
Sounds like a noble and worthy bit of legislation. And yet the Act has met its fair share of resistance. Why? Well, some people feel like it gives Uncle Sam a little bit too much permission to go, uh…wiretapping their bathrooms, or rooting through their sock drawers, or taking whatever steps deemed necessary, whenever suspicion has been aroused.
The idea of the Act is that Americans should be willing to sacrifice some of their rights to privacy and due process for the sake of the nation’s safety. Civil rights tradeoff. Because yeah, we in this country are big on our free speech and privacy, and those things are great, and are a huge part of our national identity...but should they come at the cost of would-be terrorists having the freedom to train and purchase supplies right under our noses? Shouldn’t our government be able to step in and investigate, without warrant if the circumstances call for it, in a situation where the likelihood of illicit activity is high? Where does that line get drawn?
So yeah, the Act has not been universally popular. But it’s also tough to say it hasn’t been effective, since we haven’t had any 9/11-esque episodes on U.S. soil since 2001.
So what are we doing talking about this act in a finance glossary? Well, direct your attention to Title 3 of the Act: the International Money Laundering Abatement and Financial Anti-Terrorism Act. This is the part that requires banks to report suspected money-laundering activities, and to create tougher rules to prevent money laundering in the first place. It also makes it tougher to do some types of banking between U.S. banks and financial institutions around the world.
So yeah, the world of finance got rocked a bit in the wake of 9/11 as well, although not as badly as the Buffalo Bills did last Sunday. Man, those Pats are tough to beat.
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Finance: What is the 2001 USA Patriot Ac...3 Views
Finance allah shmoop What is the two thousand won yusa
patriot act Yep That was the act that insured the
new england patriots would make it to the super bowl
every year from that ear forward Yeah Okay Okay Maybe
it only seems that way So the patriot act What
is it And how does it affect our lives Well
let's start by setting the stage September eleventh two thousand
one planes piloted by al qaida hijackers fly into the
two towers of the world trade center in new york
Mass devastation thousands of lives lost panic heart rending sadness
anger fear and then a whole lot more anger And
then some fear and more fear that it would happen
again that next time it would get us or our
loved ones Well enter the patriot act created by the
u s government to deter terrorist activities and for funding
And believe it or not yusa patriot is actually an
acronym Uniting in strengthening america by providing appropriate tools required
to intercept and obstruct terrorism Kind of rolls off the
tongue their lungs You've basted your tongue with coconut oil
But yeah that was the idea to make it as
inconvenient and difficult as possible for anyone with ill intent
to harm us or our country Sounds like a noble
and worthy bit of legislation right And get the act
has met its fair share of resistance Why Well some
people feel like it gives uncle sam a little bit
too much permission Tio you know goa snooping and wiretapping
bathrooms are rooting around in our sock drawers or taking
whatever steps team necessary whenever suspicion has been aroused that
somebody might be a terrorist Heavy thoughts there Well the
idea of the act is that americans should be willing
to sacrifice some of their civil rights to privacy and
to due process for the sake of the nation's safety
Right Well there's a civil rights trade off here like
got to think about well is it fair that we
should have tons of civil rights and then make it
easy for terrorist Do bad things to us source We
give some of that up and make it harder for
them to obama's right Because yeah we in this country
are big on our free speech and privacy and those
things are great and are a huge part of our
national identity but should they come at the cost of
would be terrorists having the freedom toe train and purchase
supplies right under our noses as they laugh about us
about our ideals and trying to stick to a fair
process even when they don't play fair Well shouldn't our
government be able to step in and investigate without search
warrants If the circumstances call for it The situation where
the likelihood of illicit activity is high and what happens
to corrupt cops who are getting paid on the side
to go tip off the terrorists when we do hunt
well where does that line get drawn Obviously we have
no answers here We're just asking a whole lot of
questions So yeah the act has not been universally popular
but it's also tough to say that it hasn't been
effective since Well we haven't had any nine eleven asked
episode's on u s soil since two thousand one So
what do we do in talking about this act in
a finance course Well direct your attention to title three
of the act The international money laundering abatement and financial
anti terrorism act Yeah this is the part that requires
banks to report suspected money laundering activities and to create
tougher rules to prevent money laundering in the first place
and also makes it tougher Teo do some types of
banking between us banks and financial institutions around the world
We get to inspect more when we're you know doing
business with shady nations who openly ate us So yeah
the world of finance got rocked a bit in the
wake of nine eleven as well although not is badly
is well pretty much any team these days gets rocks 00:03:52.065 --> [endTime] and they're playing me and patriots Yeah