Five former Treasury Secretaries issued a letter in The New York Times warning that President Trump's actions regarding the Treasury represent a significant threat to American democracy and financial integrity. Their major concern revolves around Elon Musk's influence over the Treasury's federal payments system, which handles over $6 trillion annually and contains sensitive personal data. The letter criticized the arbitrary political control of federal payments, historically managed by nonpartisan civil servants, urging protection of this critical financial system and its data from unqualified political actors.
The former secretaries assert that arbitrary control over the federal payments system undermines essential financial commitments, posing risks to individuals' sensitive data.
The letter emphasizes that the increasingly political nature of the Treasury's operations compromises the security and privacy of the payments system.
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