Last time the Treasury was pushing this we got a gold pop because people don't want "them" knowing about their every penny(it's back):
Paul Renews Fight for Banking Privacy
Proposed Legislation Grants Dangerous Power to Federal Regulators
Washington D.C.- Congressman Ron Paul is once again leading the
fight on Capitol Hill against assaults on consumer financial privacy. H.R.
3886, the International Counter-Money Laundering Act of 2000, violates
financial privacy, grants overly broad, discretionary power to the executive
branch, and may result in a less focused law enforcement strategy with fewer
prosecutions.
Paul, a member of the Banking committee, is known for vigorously
leading the successful opposition to "Know Your Customer" regulations
proposed in 1998 by federal banking regulators. Know Your Customer
regulations would have required U.S. banks to profile their customers,
monitor transactions, and report "suspicious" activity (based not on one's
banking habits but on geography, income, etc.- i.e., what one's habits
should be!) to Treasury Department criminal investigators. Paul was
outspoken in his opposition to the proposals, which ultimately were
abandoned by the administration after the Senate voted unanimously to reject
them. Financial regulators received over 300,000 angry comments as a result
of the opposition generated by Paul and other privacy advocates.....
.... SNIP ....
Read the rest of this press release at
house.gov |
