Banks and financial institutions should be especially alarmed by the
At the core of this crisis is a dataset of staggering value. The IRS' comprehensive historical record — encompassing income, wealth and business transactions — is, according to my estimate, worth between $750 billion and $1 trillion. (One can only imagine what China, Russia or a large hedge fund would pay for access to this system and its data.) In tandem, the Treasury Payment System Database, which processes over $6 trillion in annual federal payments, adds $450 billion to $500 billion in value. Combined, these datasets represent approximately $1.5 trillion in economic value, a figure that underscores both their unparalleled informational worth and the catastrophic impact their misuse could have on national economic stability.
I am concerned that the Department of the Treasury may improperly grant access to these critical datasets to DOGE. Given the clear commercial value of the data in question, I believe the information could be exploited by a company, such as Musk's X platform, to enhance a proprietary financial AI system. This system, built on misappropriated data, could enable hyper-targeted advertising, deliver powerful tailored investment strategies and generate economic forecasts with alarming precision — effectively supplanting traditional financial institutions and credit bureaus while consolidating unprecedented power within a single private entity.
While Sen. Elizabeth Warren, D-Mass., is continuing to try and save the agency she helped create, Sen. Adam Schiff, D-Calif., who benefited from crypto spending in his primary race, is a new ally.
There is no viable solution to this breach other than the complete destruction of any AI training model that has been granted access to the data or, alternatively, making the dataset universally available to all. The nature of AI development means that once these models have been trained on illicitly obtained information, their outputs remain irreversibly influenced, making containment impossible without full transparency or eradication.
In light of these factors, on February 5, I filed a lawsuit seeking an immediate injunction to block DOGE's access to this critical financial data. This emergency legal step is designed to halt any ongoing misuse of government-held data that could not only damage our national security but would also vandalize the integrity of the banking system that underpins our economy.
The possible exploitation of America's Treasury data represents a real, ongoing and measurable threat to our banking system. It is imperative that regulators, policymakers and financial institutions act swiftly to ensure that this invaluable asset is safeguarded against those who would use it to manipulate markets and undermine public trust.
