EXECUTIVE ORDER 14067, FED NOW
Executive Order 14067, signed by President Biden in February 2021, proclaims that the aim is to promote racial equity and combat discrimination in the United States of America (U.S.A). Despite its claims to the general public, the order has been criticized for its potential to worsen financial insecurities, infringe upon privacy data, and exacerbate existing inequities. The potential hypocrisy of the order is rooted in the history of Afrakan exploitation in the United States. The legacy of enslavement has contributed to persistent economic disparities between Afrakans in America and other groups in the United States. The wealth gap between 'white' and 'black' households, for example, has persisted for decades, with Afrakans in America being disproportionately represented among those living in systemic poverty. While the order acknowledges the impact of systemic racism, it fails to address the root causes of economic disparities, including the legacy of enslavement, exploitation and ongoing discriminatory financial practices.
Furthermore, the order's provisions for the creation of a database to track demographic data, including information on credit scores, debt, and other financial information, have the potential to worsen financial insecurities disproportionally for certain groups. This information could be used to target certain groups with predatory lending practices or other forms of financial exploitation. While this information may be used to address systemic discrimination and financial inequities, it also raises concerns about privacy violations and potential misuse of data by government agencies. The collection and transmission of personal identifying information and financial transaction data may infringe upon individuals' privacy rights and inhibit their ability to travel freely or spend their expenses how they see fit. The order's emphasis on data collection also raises concerns about privacy violations and potential misuse of data by government agencies. The lack of data privacy is a major concern when it comes to the implementation of Executive Order 14067 and FEDNOW. These initiatives have the potential to significantly infringe upon individuals' privacy rights, limiting their ability to exercise basic freedoms and pursue happiness.
Similarly, the implementation of FEDNOW, a real-time payment system developed by the Federal Reserve, also raises concerns about data privacy.
The use of electronic fund transfers requires the transmission and storage of sensitive financial data, including personal identifying information and transaction details. This information could potentially be vulnerable to hacking, cyber-attacks, and other forms of unauthorized access.
The real-time nature of the system may also lead to increased instances of fraudulent transactions, money laundering, and other financial crimes, further inhibiting individuals' ability to pursue their financial goals and aspirations. Financial data, in particular, is highly sensitive and valuable, and its unauthorized use or disclosure can limit individuals' ability to travel freely or spend their expenses how they see fit. It can also limit their access to credit or financial services, employment opportunities, or essential goods and services, perpetuating economic inequalities and limiting their overall well-being.
The implementation of FedNow and Executive Order 14067, which includes provisions for the creation of a database to track demographic data, have increased concerns about data mining and its potential implications.
Data mining refers to the process of analyzing large sets of data to identify patterns, trends, and relationships, with the goal of making data-driven decisions.
While data mining can have benefits in terms of identifying areas of systemic discrimination and financial inequities, it also raises concerns about privacy violations and potential misuse of data by government agencies. The collection and transmission of personal identifying information and financial transaction data through initiatives like FedNow and Executive Order 14067 can potentially infringe upon individuals' privacy rights, limiting their ability to exercise basic freedoms and pursue happiness.
Moreover, the use of data mining can and will exacerbate existing economic inequalities and perpetuate discriminatory financial practices. Financial institutions may use data mining techniques to identify certain groups as higher risk or less creditworthy, leading to restricted access to credit or financial services. This can limit individuals' ability to pursue their financial goals and aspirations, further contributing to economic disparities.
Furthermore, the use of data mining can be used as weapon in economic warfare to continue the disparagement of groups of people based of color, race, religion, creed, sex, etc, such as the misidentification of individuals or the overgeneralization of demographic groups. This will lead to a surge of inaccurate data and discriminatory practices.
Moreover, the order's focus on financial inclusion may be hypocritical as well, given that the current financial system has been bui