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To: Gord Bolton who wrote (31369)	4/9/1999 6:34:00 AM
From: long-gone	Respond to of 116814

+++++++++++++++++++++++++++++++++ FREEDOM Watch A look at what's new on "Project FREEDOM." ( house.gov ) +++++++++++++++++++++++++++++++++ Issued: Friday, April 9, 1999 +++++++++++++++++++++++++++++++++ Get to know your banker Free-market economics can stop privacy invasion By US Rep. Ron When government regulators recently announced they were pulling the plug -- for now, at least -- on plans to strip away the financial privacy of all Americans, one can imagine they did so with a knowing smirk on their face. A smirk because they knew what most Americans do not: most big banks already have "Know Your Customer" programs in place. The regulations by that name, proposed last December, would require banks to keep records on the spending and savings habits of every client, with any deviation at all being reported to the IRS, FBI, DEA and other government agencies as being "suspicious." Those agencies, in turn, would be able to freeze accounts and seize assets -- essentially destroying a person's life -- without there ever being a court order or proof of criminal wrongdoing. The reality, though, is that many banks succumbed a long time ago and adopted these rules very quietly and "voluntarily." That is to say, they started doing these things before it was required because they assumed the agencies would get the regulations. Imagine the surprise when these banks (not to mention the regulators) found that a quarter-million people sent protests to the agencies, demanding the rules be pulled. I led a groundswell movement in Congress to stop them, and the "Know Your Customer" program was 'pulled from the shelf.' Officially, anyway... ...<SNIP>... Read the entire column at: house.gov +++++++++++++++++++++++ +++++++++++++++++++++++ +++++++++++++++++++++++ To be removed from this list, send a reply e-mail with the word "remove" in the Subject line. Please DO NOT send e-mail correspondence to this address, as the message WILL NOT be read or processed. Go to house.gov for information on how to send questions, comments and suggestions using the Internet. FREEDOM Watch is a service of Rep. Ron Paul's office. By signing up, recipients are requesting to be notified when new items are posted, or changes are made, to US Rep. Ron Paul's congressional web site, Project FREEDOM, house.gov