Senate Housing Bill Requires eBay, Amazon, Google,

[zstyles]

"This is a provision with astonishing reach, and it was slipped into the bill just this week. Not only does it affect nearly every credit card transaction in America, such as Visa, MasterCard, Discover, and American Express, but the bill specifically targets payment systems like eBay's PayPal, Amazon, and Google Checkout that are used by many small online businesses. The privacy implications for America's small businesses are breathtaking."

http://www.freedomworks.org/newsroom/press_template.php?press_id=2571

[Conan71]

Wow, and you thought it was just Repugs wanting to spy on people.  How exactly does this raise $9.8 bln over 10 years and what the hell is it doing in a housing bill?

"Payment Card and Third Party Network Information Reporting. The proposal requires information reporting on payment card and third party network transactions. Payment settlement entities, including merchant acquiring banks and third party settlement organizations, or third party payment facilitators acting on their behalf, will be required to report the annual gross amount of reportable transactions to the IRS and to the participating payee. Reportable transactions include any payment card transaction and any third party network transaction. Participating payees include persons who accept a payment card as payment and third party networks who accept payment from a third party settlement organization in settlement of transactions. A payment card means any card issued pursuant to an agreement or arrangement which provides for standards and mechanisms for settling the transactions. Use of an account number or other indicia associated with a payment card will be treated in the same manner as a payment card. A de minimis exception for transactions of $10,000 or less and 200 transactions or less applies to payments by third party settlement organizations. The proposal applies to returns for calendar years beginning after December 31, 2010. Back-up withholding provisions apply to amounts paid after December 31, 2011. This proposal is estimated to raise $9.802 billion over ten years."

[zstyles]

Why? Because Senator Dodd is a POS. He wants to bail out all his buddies and then stick it to mom and pop. All you have to do is look at Senators career history and follow the money. Hes about as corrupt as they come.

[Gaspar]

Sponsor of 137 bills in his career.  Most were simply a waste of time.  

I do like his proposal for "National Shaken Baby Syndrome Awareness Day".

There are good Democrat Senators!  He is not one of them.