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1999 Ron Paul Chapter 70

“Know Your Customer” Rules

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1 July 1999


Mr. SESSIONS. Mr. Speaker, I yield 1 minute to the gentleman from Texas (Mr. PAUL).

(Mr. PAUL asked and was given permission to revise and extend his remarks.)

1999 Ron Paul 70:1
Mr. PAUL. Mr. Speaker, I rise in strong support of this rule. I am known to be very concerned about the privacy of all Americans and am tenacious in protecting the privacy of everyone.

1999 Ron Paul 70:2
I believe I am a well-known civil libertarian. But I do believe this bill adequately protects privacy, except in one area. It has not eliminated the potential Know Your Customer regulations. My amendment permits this. It is the regulations such as Know Your Customer that is the motivation for banks to collect so much information.

1999 Ron Paul 70:3
So I rise in support of the rule, but also mention that the Paul-Campbell–Barr amendment will allow us to bring to the floor an amendment that will eliminate once and for all the availability of Know Your Customer regulations by the various regulators.

1999 Ron Paul 70:4
I am in strong support of this rule, believing very sincerely this bill does protect privacy. But we can make it better by passing my amendment.

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