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WSJ What’s News

Inside the Surveillance Program on Money Transfers

WSJ What’s News

The Wall Street Journal

News, Daily News

4.14.2K Ratings

🗓️ 18 January 2023

⏱️ 12 minutes

🧾️ Download transcript

Summary

P.M. Edition for Jan. 18. Hundreds of U.S. law-enforcement agencies have access, without warrants, to a database of more than 150 million money transfers between people in the U.S. and in more than 20 countries. The nonprofit Transaction Record Analysis Center, or TRAC, captures details on money transferred through services used by millions of people, especially those without bank accounts. National security reporter Byron Tau joins Annmarie Fertoli to discuss. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

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0:05.6

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0:10.6

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0:11.6

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0:18.2

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0:21.2

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0:24.4

Quite you've been given my e-vote for No.02 for business plans by at least one pound per month, terms apply such three business price promise.

0:34.2

A little known surveillance program is giving US law enforcement access to data about millions of money transfers domestically,

0:41.2

and between the US and more than 20 other countries.

0:44.2

This is a giant database that collects large amounts of transaction data, and they can sort of search through it

0:50.2

without any kind of court intervening or supervising what they're doing.

0:54.2

And the latest retail sales figures add to signs that the economy is slowing.

0:58.8

Plus, how the sunshine states oranges are turning into liquid gold.

1:03.4

It's Wednesday, January 18th.

1:05.2

I'm Ann Marie for Totally for the Wall Street Journal.

1:07.4

This is the PM edition of What's News, the top headlines and business stories that moved the world today.

1:13.0

In the final month of the year, US retail sales had their biggest decline of 2022.

1:24.6

The Commerce Department reported that sales at stores, restaurants and online fell a seasonally adjusted 1.1 percent in December from the prior month.

1:32.6

Hiring and wage growth also eased in December and existing home sales have now fallen for 10 straight months as the federal reserve raises interest rates to tame inflation.

1:42.0

Speaking of the Fed during a Wall Street Journal live Q&A with our Chief Economics correspondent Nick Timmeros today, St. Louis Fed President James Bullard said the Central Bank should keep raising interest rates until it gets above 5 percent.

1:54.2

Yes, we're coming closer, but we're not quite in the zone yet.

1:57.8

And I think you'd probably have to get over 5 percent to say with a straight face that we've got the right level of the policy rate that will continue to push inflation down during 2023.

...

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