[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 518 Introduced in House (IH)]







106th CONGRESS
  1st Session
                                H. R. 518

  To sunset the provisions of subchapters II and III of chapter 53 of 
   title 31, United States Code, and chapter 2 of Public Law 91-508.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 3, 1999

   Mr. Paul introduced the following bill; which was referred to the 
              Committee on Banking and Financial Services

_______________________________________________________________________

                                 A BILL


 
  To sunset the provisions of subchapters II and III of chapter 53 of 
   title 31, United States Code, and chapter 2 of Public Law 91-508.

    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 ``Bank Secrecy Sunset Act''.

SEC. 2. SUNSET OF PROVISIONS OF THE SO-CALLED ``BANK SECRECY ACT'' 
              AFTER 1 YEAR.

    (a) Title 31, United States Code.--
            (1) In general.--Subchapter II of chapter 53 of title 31, 
        United States Code, is amended by adding at the end the 
        following new section:

``SEC. 5331. SUNSET OF SUBCHAPTERS.

    ``This subchapter and subchapter III shall not apply after the end 
of the 1-year period beginning on the date of the enactment of the Bank 
Secrecy Sunset Act.''.
            (2) Clerical amendment.--The table of sections for 
        subchapter II of chapter 53 of title 31, United States Code, is 
        amended by inserting after the item relating to section 5330 
        the following new item:

``5331.    Sunset of subchapters.''.
    (b) Public Law 91-508.--
            (1) In general.--Chapter 2 of Public Law 91-508 (12 U.S.C. 
        1951 et seq.) is amended by adding at the end the following new 
        section:

``SEC. 130. SUNSET OF CHAPTER.

    ``This chapter shall not apply after the end of the 1-year period 
beginning on the date of the enactment of the Bank Secrecy Sunset 
Act.''.
            (2) Clerical amendment.--The table of sections for chapter 
        2 of Public Law 91-508 (12 U.S.C. 1951 et seq.) is amended by 
        inserting after the item relating to section 129 the following 
        new item:

``130.    Sunset of chapter.''.
    (c) 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.
                                 <all>