HR 530 · 106th Congress · Finance and Financial Sector

American Financial Institutions' Privacy Act

Introduced 1999-02-03· Sponsored by Rep. Barr, Bob [R-GA-7]· House

Bill Progress

✓
Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to the Subcommittee on Financial Institutions and Consumer Credit.(1999-02-25)

Plain Language Summary

[AI summary unavailable — showing source text] American Financial Institutions' Privacy Act of 1999 - Precludes the Secretary of the Treasury and any Federal banking agency from prescribing any "Know Your Customer" regulation (a regulation requiring any depository institution to determine a customer's identity, sources of funds, and normal transactions and to monitor account activity for inconsistent transactions) unless specifically authorized to do so by a subsequent Act of Congress. Requires the Secretary and the Federal banking agencies to jointly conduct a comprehensive study and report to the Congress on the impact of such regulations upon certain civil liberties and financial relationships, the economic burden of such regulations on small depository institutions, and the practical alternatives.…

Summarized by Claude AI · Non-partisan · For informational purposes only

Cosponsors (20)

20 Republicans
Rep. DeLay, Tom [R-TX-22]TX
Rep. Baker, Richard H. [R-LA-6]LA
Rep. Chambliss, Saxby [R-GA-8]GA
Rep. Campbell, Tom [R-CA-15]CA
Rep. Lucas, Frank D. [R-OK-6]OK
Rep. Dickey, Jay [R-AR-4]AR
Rep. Kingston, Jack [R-GA-1]GA
Rep. Linder, John [R-GA-11]GA
Rep. Goodling, William F. [R-PA-19]PA
Rep. Calvert, Ken [R-CA-43]CA
Rep. Sanford, Marshall (Mark) [R-SC-1]SC
Rep. Jones, Walter B., Jr. [R-NC-3]NC
Rep. Stump, Bob [R-AZ-3]AZ
Rep. Shays, Christopher [R-CT-4]CT
Rep. Bachus, Spencer [R-AL-6]AL
Rep. Riley, Bob [R-AL-3]AL
Rep. Ney, Robert W. [R-OH-18]OH
Rep. Deal, Nathan [R-GA-9]GA
Rep. Istook, Ernest J., Jr. [R-OK-5]OK
Rep. Weller, Jerry [R-IL-11]IL