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1999 Ron Paul Chapter 72

“Know Your Customer” Rules

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1 July 1999

Mr. BARR of Georgia. Madam Chairman, I yield 1 minute to the distinguished gentleman from Texas (Mr. PAUL).

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

1999 Ron Paul 72:1
Mr. PAUL. Madam Chairman, I thank the gentleman from Georgia (Mr. BARR) for yielding this time to me.

1999 Ron Paul 72:2
Madam Chairman, if my colleagues are opposed to Know Your Customer regulations they must support this amendment because this does away with Know Your Customer regulations, the profiling of every single customer in this country. This notion that it is going to ruin law enforcement is just not valid. There is estimated $100 million cost for one conviction by the reports that are sent in, and this does not prohibit the banks from sending in reports. If there is a suspicious character, they can still do this.

1999 Ron Paul 72:3
So it will not hinder law enforcement.

1999 Ron Paul 72:4
What it does, Madam Chairman: It protects the consumer, it protects the citizen, it protects the right of all Americans. We cannot rationalize and justify the abuse of liberty for the pretense that on occasion we might catch a criminal. But the fact that it could cost $100 million per conviction is sort of what I would call overkill.

1999 Ron Paul 72:5
What we must do is protect the American citizen. Law enforcement will not be hindered. If my colleagues are opposed to Know Your Customer regulation, they must vote for this amendment.
Note:

1999 Ron Paul 72:1 Madam Chairman, I thank the gentleman from Georgia (Mr. BARR) for yielding this time to me. Here, Ron Paul thanks The Honorable Bob Barr.

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