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Say the language is so vague that the government could peek into your bank account and credit card statements. >> the american people and the more they find out about it won't like it and they shouldn't like it. >> reporter: supporters of the legislation argue the o.f.r. language is not aimed at average citizens. >> look at the firm, themselves, the lenders, not the borrowers. as far as you and i, we wouldn't effected at all. >> reporter: some analysts aren't convinced and don't think the public will be either. >> i hope to think american pub slick smarter than that and it's more complex and g...

Come up with policy recommendations, but gop critics say that americans should be very concerned. they think the language is too vague, and are worried about just how far the government could reach into that data. here's what fox contributor karl rove had to say: >> they're literally going to have the capacity to go through everybody's brokerage account and everybody's checking account and everybody's credit card and everybody's financial transactions and sweep that information and then analyze it. >> reporter: in addition, the ofr, the new agency, it's not going to have to answer to congress,...

Say the language is so vague that the government could peek into your bank account and credit card statements. >> the american people and the more they find out about it won't like it and they shouldn't like it. >> reporter: supporters of the legislation argue the o.f.r. language is not aimed at average citizens. >> look at the firm, themselves, the lenders, not the borrowers. as far as you and i, we wouldn't effected at all. >> reporter: some analysts aren't convinced and don't think the public will be either. >> i hope to think american pub slick smarter than that and it's more complex and g...