FOLLOWING IS TEXT OF E-MAIL MESSAGE ON VICTORY AGAINST THE FEDS' "KNOW YOUR CUSTOMER" SCAM
Good Guys Win One - 135,000 objections to KYC and counting
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SCAN THIS NEWS
3/4/99
Good Guys Win One - 135,000 objections to KYC and counting
The anti-KYC campaign has been effective
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'Know Your Customer' dealt serious blow
WASHINGTON, DC -- In a victory for banking customers and the
privacy rights of American citizens, the Committee on Banking and
Financial Services on Thursday afternoon approved a version of an
amendment to stop the "Know Your Customer" regulations.
"This is a true victory for our side, those who cherish liberty,"
said Rep. Paul after the unanimous voice vote. "While we should not
recklessly assume the regulators will give up their hopes of 'Know
Your Customer'-style invasions on privacy, they have been dealt a
serious blow."
During the committee's work on HR10, the financial modernization
legislation, Rep. Paul and Rep. Tom Campbell (R, Calif.), introduced
an amendment that would have stopped "Know Your Customer" and removed
the ability of regulators to ever make such rules in the future. That
exact wording was rejected, but an amendment to the amendment was
offered by Rep. Bob Barr (R, Ga.), making it apply only to the
currently proposed "Know Your Customer" regulations. The revised
version of the Paul-Campbell Amendment passed by a voice vote.
"We cannot assume the regulators will give up, but we now have
the banking committee on record opposing these privacy grabs," said
Rep. Paul. "It is necessary to repeal the authority of regulators
to implement these regulations, which is why I will continue to press
for passage of my three measures dealing with financial privacy."
Rep. Paul was the first Member of Congress to speak out against
these regulations, as well as the first to introduce legislation aimed
at stopping "Know Your Customer" and removing the power of regulators
to propagate such measures in the future. Rep. Paul has introduced the
Know Your Customer Sunset Act (HR516), the FinCen Public Accountability
Act (HR517), and the Bank Secrecy Act Sunset Act (HR518).
"The American public, bankers and customers, has spoken loud and
clear on this issue -- they do not want big-government snooping in
their bank accounts," said Rep. Paul, referring to the more than
135,000 opposition comments made to the FDIC, one of four agencies
proposing the rules. "These regulations would have thrown the Fourth
and Fifth Amendments to the wind, and the American people simply will
not stand for that."
Dr. Paul thanked the numerous individuals, organizations and
groups that have stood against the intrusive anti-privacy measures.
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[The following post is from Congressman Barrs office]
-----Original Message-----
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BARR KILLS "KNOW YOUR CUSTOMER" REGULATION
BARR-BAKER AMENDMENT WILL PROTECT PRIVACY
WASHINGTON, DC -- U.S. Representatives Bob Barr (GA-7) and Richard Baker
(R-AL) successfully offered an amendment to legislation in the House
Banking and Financial Services Committee today that will eliminate
proposed "Know Your Customer" regulations. Barr's amendment passed
as a substitute for an amendment offered by Rep. Ron Paul (R-TX) that
would have failed.
"These regulations propose requiring banks to compile detailed
information on the financial transactions of their customers without
any regard to whether those customers are suspected of criminal
wrongdoing. This information then becomes your personal profile. If
that profile simply indicates a recent transaction is "out of
character," your bank is forced to report your finances to the
government," said Barr.
"It is ludicrous to assume that profiling the salary deposits, ATM
fees, and mortgage payments of millions of Americans will have a
significant impact on the activities of criminals. These regulations
assume that millions of law-abiding Americans are potential
criminals, simply because they have a checking account. Existing
law already provides more than adequate authority to fight money-
laundering," Barr continued.
"Our amendment will stop this proposal dead in its tracks by
directly prohibiting the federal government from implementing it.
This is a victory for civil libertarians and privacy advocates
everywhere, and a resounding defeat for those who want a Big
Brother government to snoop in every aspect of our lives," Barr
concluded.
Barr, a former United States Attorney, serves on the House Banking,
Judiciary, and Government Reform Committees. Earlier today, he
also testified in opposition to the proposed regulations before
another hearing by a Judiciary subcommittee.
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Thanks to Michele believer@telepath.com for Ron Paul's message
(originating with Norman Singleton fingerprint@networkusa.org.Norman.Singleton@mail.house.gov), and
Jim Groom for the post from Bob Barr's office.
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INDEX
Banking Committee approves version of Paul-Campbell Amendment
From: Jim Groom
Sent: Thursday, March 04, 1999
Subject: KYC
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