Earlier this week, U.S. Treasury Secretary Scott Bessent said, “Following the detection of Somali fraudsters in Minnesota, we will strongly push to prevent anyone receiving federal government support funds from sending money overseas.”

In a new statement, Cato scholar Nicholas Anthony says:

Secretary Scott Bessent is building a legacy of financial surveillance and control. The announcement that he is stopping Americans from sending their money abroad and increasing surveillance under the Bank Secrecy Act should be condemned. Yet, it should be no surprise. It was only just last year that Secretary Bessent increased financial surveillance to target transactions as little as $200. After being sued for this violation of fundamental freedoms, he responded by expanding surveillance to cover even more Americans.

This playbook has been used time after time. When the Bank Secrecy Act was first passed, Congress claimed Americans were hiding money in Swiss bank accounts. Then it was expanded to fight the war on drugs. Then it was expanded again for the war on terror. Now it seems it’s the war on fraud.

Fighting crime is a worthy endeavor. However, we cannot sacrifice the freedoms that make America great in the process.

To speak with Anthony about this topic, please feel free to contact Cato PR at pr@​cato.​org.