-Caveat Lector- Subj: Help repeal NEW 'Know Your Customer' attempts! Date: 4/20/99 9:33:27 PM Eastern Daylight Time From: [EMAIL PROTECTED] (Dr Alan Cheney) Dear Friends and Family, I'm participating in an Internet campaign to repeal regulations from the federal government that 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, then go to <A HREF="http://www.defendyourprivacy.com/">DEFEND YOUR PRIVACY!</A> [ 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 Know Your Customer doesn't need to be "repackaged" -- it needs to be repealed.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 & 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 <A HREF="http://www.defendyourprivacy.com/">DEFEND YOUR PRIVACY! </A> http://www.DefendYourPrivacy.com and sign the petition. Thank you. Alan DECLARATION & DISCLAIMER ========== CTRL is a discussion and informational exchange list. Proselyzting propagandic screeds are not allowed. Substance—not soapboxing! These are sordid matters and 'conspiracy theory', with its many half-truths, misdirections and outright frauds is used politically by different groups with major and minor effects spread throughout the spectrum of time and thought. That being said, CTRL gives no endorsement to the validity of posts, and always suggests to readers; be wary of what you read. CTRL gives no credeence to Holocaust denial and nazi's need not apply. Let us please be civil and as always, Caveat Lector. ======================================================================== Archives Available at: http://home.ease.lsoft.com/archives/CTRL.html http:[EMAIL PROTECTED]/ ======================================================================== To subscribe to Conspiracy Theory Research List[CTRL] send email: SUBSCRIBE CTRL [to:] [EMAIL PROTECTED] To UNsubscribe to Conspiracy Theory Research List[CTRL] send email: SIGNOFF CTRL [to:] [EMAIL PROTECTED] Om
