[Congressional Record Volume 152, Number 125 (Friday, September 29, 2006)]
[Extensions of Remarks]
[Page E1981]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




    INTRODUCTION OF LEGISLATION REPEALING TWO UNCONSTITUTIONAL AND 
              PATERNALISTIC FEDERAL FINANCIAL REGULATIONS

                                 ______
                                 

                             HON. RON PAUL

                                of texas

                    in the house of representatives

                       Friday, September 29, 2006

  Mr. PAUL. Mr. Speaker, I am pleased to introduce legislation 
repealing 2 unconstitutional and paternalistic federal financial 
regulations. First, this legislation repeals a federal regulation that 
limits the number of withdrawals someone can make from a savings 
account in a month's time without being assessed financial penalties. 
As hard as it is to believe, the Federal Government actually forces 
banks to punish people for accessing their own savings too many times 
in a month. This bill also repeals a regulation that requires bank 
customers to receive a written monthly financial statement from their 
banks, regardless of whether the customer wants such a communication.
  These regulations exceed Congress's constitutional powers and violate 
individual property and contract rights. Furthermore, these regulations 
insult Americans by treating them as children who are unable to manage 
their own affairs without federal control. I urge my colleagues to show 
their respect for the Constitution and the American people by 
cosponsoring this legislation.

                          ____________________