Date: July 1, 1999
Subject: Banking Privacy
Description: Barr (R-GA) amendment to prohibit federal banking regulators from inquiring or encouraging banks to identify their customers and their sources of income and financial patterns in order to identify suspicious behavior. The amendment would replace current "suspicious activity reports" with a legal liability "safe harbor" for financial institutions to report transactions relevant to a possible violation of law, and would increase from $10,000 to $25,000 the threshold at which commercial businesses must submit to the government currency transaction reports which detail large transactions.
Result: Amendment Rejected, 129-299
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