Thanks,
Jeremiah
I'm participating in an Internet campaign to repeal regulations
from the federal government which will force your bank to spy on
you, and I'd like to invite you to join me.
Please forward this message to any friends, family, co-workers,
neighbors, or other people you know who may be interested in
this issue, then go to http://www.defendyourprivacy.com and sign
the petition. It will be submitted directly to your
Representative in the U.S. House. Plus, a copy will be sent to
both your U.S. Senators.
In December 1998, the Federal Deposit Insurance Corporation
(FDIC) proposed a so-called "Know Your Customer" rule. If
enacted, Know Your Customer would have required banks to monitor
your checking and savings account, and report any "unusual
transactions" to the federal government. This frightening
threat to your financial privacy would have forced your bank to:
* Discover your source of funds
* Determine your "normal and expected
transactions"
* Report any "suspicious activity"
to federal investigators
However, in the face of overwhelming public opposition,
generated in large part by an Internet campaign like this one,
the FDIC withdrew their proposed Know Your Customer regulation.
However, the battle isn't over yet.
It turns out that the Federal Reserve's "Bank Secrecy Act
Compliance Manual" pressures banks to develop policies similar
to Know Your Customer, policies that over 88% of banks have
begun to implement. After the heat dies down, the Federal
Reserve Board plans to repackage Know Your Customer as "policy
guidelines" instead of "regulations".
The government claims it is trying to thwart money launderers
and drug dealers. But what this law does is turn every bank
teller into a government informer and everyone with a bank
account into a criminal suspect.
In a free society, the government has no business asking where
you get your money or how you spend it -- and politicians have
no right to force your bank to monitor your account. Know Your
Customer doesn't need to be "repackaged" -- it needs to be
repealed.
Congressman Ron Paul has introduced the Know Your Customer
Sunset Act (HR 516) and the Bank Secrecy Sunset Act (HR 518)
that together will repeal existing Know Your Customer reporting
requirements, and prevent any new KYC rules from being
implemented. Together, these two bills will guarantee that our
financial privacy will be respected.
Over 250,000 outraged Americans flooded the FDIC with e-mails,
letters, and faxes during Know Your Customer Round One -- and
the FDIC backed down! Now we need to make sure Congress finishes
the job by passing HR 516 and HR 518.
Let's keep up the pressure!
Please forward this e-mail to everyone you know who might be
interested in helping. But please don't send it
indiscriminately -- spam will only hurt our campaign.
Then go to http://www.DefendYourPrivacy.com and sign the
petition.
Thank you.
_______________________________________________________________
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