Information Technology Acts
There were many advances in information technology that resulted in new ethical issues necessitating the creation of certain acts that the government had to implement. The two that will be discussed in this paper are the PATRIOT Act of 2001, and the Fair Credit Reporting Act of 1970. Both of these acts were deemed necessary due to increasing terrorist threats for the PATRIOT Act, and for fairness in obtaining credit for the Fair Credit Reporting Act. US PATRIOT ACT, 2001
The PATRIOT Act of 2001 is actually called the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (USA PATRIOT). This act was established in 2001 and renewed in 2006. The purpose of the USA PATRIOT Act is to deter and punish terrorist acts in the United States and around the world, to enhance law enforcement investigation tools, and other purposes. (Fincen.gov) What this means is that in order to keep the United States safe from terrorist activity, the government keeps a close eye on financial institutions to ensure that they are not laundering money to support terrorist activity. This not only includes American banks, but also high profile international banks. This is a safeguard that monitors any large transaction involving banks and makes those banks report where that money is going and for what purpose. The advancement of online banking and increased security threats across the world has made this act a necessity but others feel that it has become a hassle and a violation of privacy. This act allows the United States government to freeze funds from an individual, either in America or overseas, if they feel that that individual is involved in terrorism. Another problem that this act causes is the increased background and identity checks that are involved when setting up a new account with a bank. All of these measures are considered to be necessary to try to curb terrorism. The information...
References: USA PATRIOT Act;
Fair Credit Reporting Act;
Please join StudyMode to read the full document