"Know Your Customer" legislation was defeated not too long ago because many of us wrote letters to our congressman and senators requesting they do so. Well, the FDIC is at it again, this time trying an end run around congress. If you are an independant piano tuner technician this will directly effect your Bank relationship. Please read the following letter and take the action you deem appropriate for your situation. Newton I'm participating in an Internet campaign to repeal regulations from the federal government which 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 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 Know Your Customer doesn't need to be "repackaged" -- it needs to be repealed.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 http://www.DefendYourPrivacy.com and sign the petition. Thank you.
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