Ron Paul Dear Colleague Opposing Deputizing Bank Tellers as Law Enforcement
Ron Paul Dear Colleague Opposing Deputizing Bank Tellers as Law Enforcement
March 15, 1999
(J. Bradley Jansen was Ron Paul’s legislative staffer for these issues at the time)
SHOULD WE REQUIRE BANKS TO SPY ON THEIR CUSTOMERS?
March 15, 1999
Dear Colleague,
The uproar–from both bankers and the general public–against the proposed “Know Your Customer” rule by the Federal Reserve, FDIC and two Treasury agencies brings to light how the government effectively deputizes bank tellers as law enforcement agents.
We are hosting a briefing for Congressional staffers with speakers invited to discuss the issue from several different perspectives Friday, March 19th, at 9:00 a.m. in room 1539 LHOB.
Please RSVP by email to bradley.jansen@mail.house.gov. Space is limited.
“The American Bankers Association on Monday urged regulators not only to the withdraw their proposed know-your-customer rule proposal but to dismantle existing requirements.” American Banker, March 9, 1999
“[Removing existing requirements] would in no way impinge efforts of law enforcement to investigate criminal activity…The pursuit of private information outside the traditional, time-tested, and court-approved law enforcement practices such as those proposed [KYC] will in fact have a deleterious effect on law enforcement’s ability to effectively prosecute its mission. Such intrusive measures will also infringe the privacy rights of law-abiding citizens while detracting from meaningful debate and discussion of measures that would improve law enforcement’s crime-fighting ability.” The Law Enforcement Alliance of America
The question before us: “Should we heed their advice and remove existing requirements effectively deputizing bank tellers as law enforcement officers requiring them to monitor the legality of customers’ transactions?”
Respectfully,
Ron Paul Tom Campbell