I think we should be interested in this. Hope some are.
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Friends,
First, thanks to everyone who called or e-mailed to ask if
we got through the storms that passed through central
Alabama a couple of days ago. To everyone, no major
damage, although about 180,000 homes were without power
for awhile. Here, I did have to drive over downed power lines
to get home before the roads were closed. So, of course,
there was no power and therefore, no messages sent.
I had a restful night of reading by electric lantern.
One thing we've seen over and over is that when those who
want to control every aspect of our lives do not get their way,
they will keep trying until they can find a way to slip their
unconstitutional mandates into place. So, it is no surprise
that "Know Your Customer" is back.
This quote sent by Harmon is so very true.
From: "Harmon Taylor" <holmes...@earthlink.net>
"We may not be able to imagine how our lives could be more
frustrating and complex -- but Congress can."
--Cullen Hightower
Jim Hardin
The Freedom Page
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Alabama Committee To Get Us Out of the UN
http://themustardseed.home.mindspring.com
From: "David R. Terry, Sr ." <ladodger...@hotmail.com>
Subject: Know Your Customer Tries The Back Door
Volume 3, Number 29
Weekly Update for 7/20/00
COALITION FOR CONSTITUTIONAL LIBERTIES
Brought to you by the Center for Technology Policy of the Free Congress
Foundation
KNOW YOUR CUSTOMER TRIES THE BACK DOOR
Dave Mundy's commentary
Orange Leader
July 19, 2000
Just about the time you thought it was safe to go back into the bank:
A couple of years back, the Federal Deposit Insurance Corporation came out
with a set of regulations called "Know Your Customer." They were touted as a
means with which to combat drug trafficking and money laundering - but were
in fact a means to force bank tellers to act as FBI informants and to
promote the compilation of databases by the government and multi-national
banks on information which is and should be private between yourself and
your banker.
In a nutshell, the regulations would have required financial institutions to
monitor customers' transactions to build a "profile," and to report anything
"out of the ordinary" - such as a large deposit when you sell your car - to
the FBI.
Dubbed "Spy on Your Customer," the proposed rules were greeted with
widespread condemnation. Hundredds of thousands of public comments and
e-mails swamped the FDIC's web site. After Congressional opposition
developed, led by Rep. Ron Paul (R-Texas) and Rep. Bob Barr (R-Ga.), the
FDIC officially withdrew the proposed regulations.
(Some banks, especially the larger ones, apparently never got the word; when
I moved to Orange, I had two banks tell me that Know Your Customer "is the
law." Needless to say, I put my accounts somewhere else.)
But never let it be said the control freaks in the international banking
community give up that easily.
Sometime this week, the U.S. House will be considering HR 3886, the
International Counter-Money Laundering Act and Foreign Anticorruption Act of
2000. You guessed it: this is an international version of Know Your
Customer, designed to sneak in the back door that which we slammed the front
door on.
In a dissenting view of the bill, Congressmen Paul, Barr and others noted
that in addition to giving the executive branch too much regulatory power,
HR 3886 erodes consumer privacies.
"In short, the bill shifts the institutional balance too far from the
legislative branch in favor of the executive branch," the congressmen
reported. "The new requirements in the bill will further erode protections
for consumer financial privacy. The current reporting requirements impose a
large regulatory burden on financial institutions with little benefit to law
enforcement ..."
The idea, of course, is to prevent the use of American banks as places for
money-laundering, making it more difficult for drug traffickers to hide. But
in trying to catch the bad guys, the government wants to cast too wide a
net.
Compliance with these regulations seems an undue financial burden on banks,
doesn't it? They have to hire extra people and create new software to track
transactions in this fashion. So why do banks - especially the larger ones -
back these regulations?
"Bankers then use sophisticated computer software to make profiles of
customers that some institutions then share with affiliates or sell to third
parties in order to recover the regulatory cost of collecting the
information in the first place," the congressmen noted.
In other words, the banks intend to sell your private financial profile to
other advertisers. Can you say, "More junk mail?"
It is unfortunate the backers of this effort have (again) attempted to
implement it by stealth. Let's hope the House rejects this blatant invasion
of consumer privacy.
In the meantime, find out if your financial institution uses Know Your
Customer. If it does, my advice is to take your business elsewhere.
Dave Mundy is the Executive Editor of the Orange Leader. You can reach him
via e-mail at orangelea...@pnx.com.
[Forwarded For Information Purposes Only - Not
Necessarily Endorsed By The Sender - A.K. Pritchard]
------------------------------
A.K. Pritchard
http://www.ideasign.com/chiliast/
http://rosie.acmecity.com/songfest/189/
To subscribe to "The Republican" email list - just ask!
therepubli...@ideasign.com
When a journalist stated in April 1995 on Cable Network
News that he considered the 1993 Waco federal attack
a terrorist act, Labor Secretary Robert Reich rushed to
distinguish between what the feds did at Waco and the
bombing at Oklahoma City:
"We are talking about acts of violence that are not sanctioned
by the government - that are not official."
Source: The Hypocritical War on Terrorism, p.27
Freedom Daily
The Future of Freedom Foundation
December 1996
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Looking for what the Bible says about Christians and Civil Government?
Pastor John Weaver covers this and much more. Audio tapes are only $4.00
each. Just click: http://freedompage.home.mindspring.com/johnweaver.html
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