[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 516 Introduced in House (IH)]







106th CONGRESS
  1st Session
                                H. R. 516

   To prohibit the Secretary of the Treasury and the Federal banking 
  agencies from implementing ``know your customer'' regulations which 
  overburden financial institutions and invade the privacy of United 
                            States citizens.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 3, 1999

Mr. Paul (for himself, Mr. Rogan, Mr. Upton, Mr. Burton of Indiana, Mr. 
  Nethercutt, Mr. Taylor of North Carolina, Mr. Latham, Mr. Young of 
  Alaska, Mr. Skeen, Mr. DeLay, Mr. Campbell, and Mr. Hall of Texas) 
 introduced the following bill; which was referred to the Committee on 
                     Banking and Financial Services

_______________________________________________________________________

                                 A BILL


 
   To prohibit the Secretary of the Treasury and the Federal banking 
  agencies from implementing ``know your customer'' regulations which 
  overburden financial institutions and invade the privacy of United 
                            States citizens.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ```Know Your Customer' Sunset Act''.

SEC. 2. IMMEDIATE TERMINATION OF ``KNOW YOUR CUSTOMER'' REGULATIONS.

    Any regulation prescribed by the Secretary of the Treasury or any 
Federal banking agency (as defined in section 3 of the Federal Deposit 
Insurance Act) under subchapter II or III of chapter 53 of title 31, 
United States Code, chapter 2 of Public Law 91-508, section 21 of the 
Federal Deposit Insurance Act, or any other provision of Federal law, 
that has the effect of requiring a depository institution (as defined 
in section 3 of the Federal Deposit Insurance Act) or any other private 
entity--
            (1) to monitor the account of any customer of the 
        institution or entity; or
            (2) to obtain information concerning any person in 
        connection with a financial transaction at the institution or 
        entity, including the source of any funds involved in the 
        transaction,
(commonly referred to as ``know your customer'' regulations) shall 
cease to be effective as of the date of the enactment of this Act and 
no such regulation may be prescribed after such date.
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