Not linked on Ron Paul’s Congressional Website.
HON. RON PAUL
OF TEXAS
IN THE HOUSE OF REPRESENTATIVES
Tuesday, March 10, 2009
2009 Ron Paul 26:1
Mr. PAUL. Madam Speaker, I am pleased to
introduce legislation repealing two unconstitutional
and paternalistic federal financial regulations.
First, this legislation repeals a federal
regulation that limits the number of withdrawals
someone can make from a savings
account in a month’s time without being assessed
financial penalties. As hard as it is to
believe, the federal government actually forces
banks to punish people for accessing their
own savings too many times in a month. This
bill also repeals a regulation that requires
bank customers to receive a written monthly financial
statement from their banks, regardless
of whether the customer wants such a communication.
2009 Ron Paul 26:2
These regulations exceed Congress’s constitutional
powers and violate individual property
and contract rights. Furthermore, these
regulations insult Americans by treating them
as children who are unable to manage their
own affairs without federal control. I urge my
colleagues to show their respect for the Constitution
and the American people by cosponsoring
the Freedom to Bank Act.
