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Oppose  H.R. 3886
 

 

   

    

“Know Your Customer” monitoring of your bank account is back!

Politicians, federal bureaucrats and institutional elites are, once again, working to make your local bank teller their snitch.  

Two years ago, Congress passed a bill directing federal banking regulators to issue the infamous “Know Your Customer” regulations.  Those regulations would have required your local bank teller to:

1.  Determine your identity  – not for the bank’s purposes, but for the government’s purposes.

2.  Determine the source of your deposit.

3.  Determine your profile of “regular and expected” transactions that is based, not on your actual banking history, but on what your banking history should be according to racial, economic, geographic guidelines. 

4.  Report your “suspicious” transactions to the federal government.  Your “suspicious” transactions will be those that don’t fit with the government’s profile of “regular and expected” transactions for you.

The opposition to “Know Your Customer” was overwhelming.  Over 300,000 Americans from coast-to-coast told the banking regulators in Washington to stop “Know Your Customer” regulations.  The federal bureaucrats did back down last year – but they’re back.

“Know Your Customer” (version 2) regulations are included in H.R. 3886.  H.R. 3886 will implement the “Know Your Customer” regulations for international transactions.  In addition, H.R. 3886 will give the U.S. treasury department (IRS, Customs Service, Secret Service) the power to:

1.  Make new requirements on financial institutions at their discretion.

2.  Prohibit whole classes of international transactions at their discretion.

3.  Prohibit international transactions with certain financial institutions at their discretion.

4.  Prohibit international transactions with certain countries at their discretion. 

H.R. 3886 will decimate privacy between you and the financial institutions with which you do business.  Politicians, federal bureaucrats and institutional elites desperately want H.R. 3886 to become law.  They will tell you not to worry.  “These ‘Know Your Customer’ regulations will only be used to catch criminals.  These regulations will only be used for international transactions.”  The people who are telling us not to worry today are the same people who tried last year to quietly pass regulations that would have forced your local bank teller to become a government snitch. 

There are only four weeks of legislative business remaining this year.  During those four weeks, many bills will be quietly pushed through the U.S. House in the hope of not being noticed during the year-end flurry of votes.  H.R. 3886 is one of those bills. 

If we fall for “Know Your Customer” for international transactions today, we’ll have to suffer from “Know Your Customer” for local transactions tomorrow.  That’s what they were after in the first place.   

Wired News Article

Ron Paul Press Release 

"The Counter-Money Laundering Act:  An Attack on Privacy and Civil Liberties"


 



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