Ron Paul Dear Colleague Should We Require Banks to Spy on their Customers?
Ron Paul Dear Colleague Announcing Ron Paul and Tom Campbell inviting staffers to a briefing: Should We Require Banks to Spy on their Customers?
(J. Bradley Jansen was Ron Paul’s legislative staffer for these issues at the time)
“Representative Ron Paul (R–Tex.) has introduced legislation
[HR 516, HR 517, HR 518] to block these [Know Your Customer] regulations, correctly pointing out that the government should have access to this kind of information only under a search warrant.”
Steve Forbes, “Big Brother, Banker,” Forbes Magazine, March 8, 1999
Dear Colleague,
Due to the overwhelming opposition to the proposed formal Know Your Customer rule and the discovery of the Federal Reserve’s informal KYC requirement under the Bank Secrecy Act,
Rep. Tom Campbell and I are hosting a one-hour Congressional staff briefing:
“Should We Require Banks to Spy on their Customers?”
Friday, March 19 at 9:00 a.m. in 1539 LHOB.
Please RSVP to bradley.jansen@mail.house.gov. Space is limited.
Those invited to speak include:
∙
Lori Cole, Eagle Forum
∙
Steve Dasbach, Libertarian Party’s “www.DefendYourPrivacy.com”
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James V. DeLong, Regulatory Policy Center
∙
Edmund Mierzwinski, U.S. Public Interest Research Group
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Stephanie Myers, Law Enforcement Alliance of America
∙
Greg Nojeim, America Civil Liberties Union
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Rob Rowe, Independent Bankers Association of America
“We also encourage the administration to continue to recognize the importance of self-regulation in this complex area, and we commend it for its efforts to allow industry the opportunity to develop and implement such self-regulatory programs needed if we are to see a thriving e-commerce.”
Norman Willox Jr., president and chief executive, National Fraud Center,
“Know your cyber-customer,” Journal of Commerce, February 4, 1999
The Paul Privacy Protection Package restores our right to privacy:
HR 516, Know Your Customer Sunset Act: with about 50 cosponsors it is the only bill to remove agency authority on source of funds and “profiling” and permanently stop KYC.
HR 517, FinCEN Public Accountability Act: lets consumers check their own files, challenge false information and guard against the possibility of asset forfeiture from erroneous information.
HR 518, Bank Secrecy Sunset Act: repeals existing bank spying law and devolves this power back to the states or forces a formal congressional review of the loosely-written act.
Please consider finding out more information at the briefing and protecting privacy by cosponsoring the Paul Privacy Protection Package.
Respectfully,
Ron Paul