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"what are the privacy implications in a stored value world (i.e. smart cards) where the documentary trail of small item purchases, telephone toll records, transportation records, etc. could translate readily into a diary of a person's daily movements - where, when, with whom, for how long?" [underlining & color added for emphasis]

"Should the consumer be made aware that transaction records [i.e. the diary] exist and how they may be accessed or used?"

"Regulation E is designed to protect consumers in electronic financial transactions, such as electronic fund transfers. Among other things, it requires that consumers be provided with a written record of those transactions. Some applications of smart card technology will be covered by Regulation E....However, it is inappropriate to extend Regulation E coverage to many other smart card applications. In short, the Smart card Forum does not believe it is appropriate to regulate smart card 'technology.'"

The extent of the smart card effort in the federal government is shown by the following.

"The Working Group [Electronic Money Working Group] has internal monthly meetings with Treasury bureaus: FinCEN, Secret Service, Financial Management Service, OTS, Public Debt, US Mint, IRS, BATF, Customs, Engraving & Printing, and Federal Law Enforcement Training Center."