Obama's recent executive order to have your tax dollars pay for Citi-Bank's upgrade of their credit-card system is almost as bad as TARP yet was not covered by mainstream media in the least.
In summary here's what happened:
Obama just signed an executive order to have the US Treasury make a plan to upgrade our EBT credit card system to use chips as is now used in Europe. (cost - way more than the annual cost of credit card fraud). What this order does is:
- Update all government EBT credit card terminals to use the upgraded system.
- Replace EBT procedures to use the newer cards
- Transfer cracked credentials to the government
- Create the Buy Secure initiative.
- Ensure federal investigators can report stolen credentials with other companies (Home Depot, Walmart etc.)
- Support credit score transparency via Citi Bank credit cards
The Government, who decided to utilize a credit card system to support their welfare EBT funds disbursement, is now footing the bill to upgrade this insecure system on behalf of the private company (Citi Bank) that owns the newer technology and at the same time is giving itself and other companies access to YOUR CREDIT CARD CREDENTIALS (passwords/pins).Normally, when a company creates a system that is BROKEN (as our current credit card system is - proven by all the identity theft going on) it is liable for its mistakes and must foot the bill both for the cost of its mistakes and for its correction. This is the natural free-enterprise way that goods and service quality is maintained - do it right, or go out of business and let the competition do it right.
So what this accomplishes is it:
- Removes responsibility for identity theft from the private corporations that made it so easy to do.
- Pays for the fix by the most inefficient means (government funding).
- Charges the taxpayer for this.
- Breaches security further by sharing credentials with the government and other corporations.
- Adds more regulations and forces you to adhere to new security standards enforced by law.
What is more is that the media covered Obama's jokes but nothing about what he was signing.
Send a link of this article to your congressman and urge him to not only rescind this executive order (Congress only has 30 days to do so or it becomes law) and in fact to rescind the whole Executive Order process. This president is dismantling our freedoms and security with it daily and is charging you for it.
The more power you give government, the more special interests can use that power to their advantage.
Unbelievable. What a rip off!
