HR 518 IH
106th CONGRESS
1st Session
H. R. 518
To sunset the provisions of subchapters II and III of chapter 53 of title 31, United States Code, and chapter 2 of Public Law 91-508.
IN THE HOUSE OF REPRESENTATIVES
February 3, 1999
Mr. PAUL introduced the following bill; which was referred to the Committee on Banking and Financial Services
A BILL
To sunset the provisions of subchapters II and III of chapter 53 of title 31, United States Code, and chapter 2 of Public Law 91-508.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the `Bank Secrecy Sunset Act'.
SEC. 2. SUNSET OF PROVISIONS OF THE SO-CALLED `BANK SECRECY ACT' AFTER 1 YEAR.
(a) TITLE 31, UNITED STATES CODE-
(1) IN GENERAL- Subchapter II of chapter 53 of title 31, United States Code, is amended by adding at the end the following new section:
`SEC. 5331. SUNSET OF SUBCHAPTERS.
`This subchapter and subchapter III shall not apply after the end of the 1-year period beginning on the date of the enactment of the Bank Secrecy Sunset Act.'.
(2) CLERICAL AMENDMENT- The table of sections for subchapter II of chapter 53 of title 31, United States Code, is amended by inserting after the item relating to section 5330 the following new item:
`5331. Sunset of subchapters.'.
(1) IN GENERAL- Chapter 2 of Public Law 91-508 (12 U.S.C. 1951 et seq.) is amended by adding at the end the following new section:
`SEC. 130. SUNSET OF CHAPTER.
`This chapter shall not apply after the end of the 1-year period beginning on the date of the enactment of the Bank Secrecy Sunset Act.'.
(2) CLERICAL AMENDMENT- The table of sections for chapter 2 of Public Law 91-508 (12 U.S.C. 1951 et seq.) is amended by inserting after the item relating to section 129 the following new item:
`130. Sunset of chapter.'.
(c) IMMEDIATE TERMINATION OF `KNOW YOUR CUSTOMER' REGULATIONS- Any regulation prescribed by the Secretary of the Treasury or any Federal banking agency (as defined in section 3 of the Federal Deposit Insurance Act) under subchapter II or III of chapter 53 of title 31, United States Code, chapter 2 of Public Law 91-508, section 21 of the Federal Deposit Insurance Act, or any other provision of Federal law, that has the effect of requiring a depository institution (as defined in section 3 of the Federal Deposit Insurance Act) or any other private entity--
(1) to monitor the account of any customer of the institution or entity; or
(2) to obtain information concerning any person in connection with a financial transaction at the institution or entity, including the source of any funds involved in the transaction,
(commonly referred to as `know your customer' regulations) shall cease to be effective as of the date of the enactment of this Act and no such regulation may be prescribed after such date.
END