[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 621 Introduced in House (IH)]







106th CONGRESS
  1st Session
                                H. R. 621

To provide that certain regulations proposed by the Comptroller of the 
 Currency, the Director of the Office of Thrift Supervision, the Board 
  of Governors of the Federal Reserve System, and the Federal Deposit 
 Insurance Corporation relating to practices of financial institutions 
                         shall not take effect.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 8, 1999

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

_______________________________________________________________________

                                 A BILL


 
To provide that certain regulations proposed by the Comptroller of the 
 Currency, the Director of the Office of Thrift Supervision, the Board 
  of Governors of the Federal Reserve System, and the Federal Deposit 
 Insurance Corporation relating to practices of financial institutions 
                         shall not take effect.

    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 Program 
Abolishment Act''.

SEC. 2. ``KNOW YOUR CUSTOMER'' REGULATIONS RESCINDED.

    (a) In General.--None of the following proposed regulations may be 
published in final form and, to the extent any such regulation has 
become effective before the date of the date of the enactment of this 
Act, such regulation shall cease to be effective as of such date:
            (1) The regulation proposed by the Comptroller of the 
        Currency to amend part 21 of title 12 of the Code of Federal 
        Regulations, as published in the Federal Register on December 
        7, 1998.
            (2) The regulation proposed by the Director of the Office 
        of Thrift Supervision to amend part 563 of title 12 of the Code 
        of Federal Regulations, as published in the Federal Register on 
        December 7, 1998.
            (3) The regulation proposed by the Board of Governors of 
        the Federal Reserve System to amend parts 208, 211, and 225 of 
        title 12 of the Code of Federal Regulations, as published in 
        the Federal Register on December 7, 1998.
            (4) The regulation proposed by the Federal Deposit 
        Insurance Corporation to amend part 326 of title 12 of the Code 
        of Federal Regulations, as published in the Federal Register on 
        December 7, 1998.
    (b) Prohibition on Similar Regulations.--None of the Federal 
banking agencies referred to in subsection (a) may prescribe any 
regulation which is substantially similar to, or would have 
substantially the same effect as, any proposed regulation described in 
paragraph (1), (2), (3), or (4) of subsection (a).
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