```

[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1095 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 1095

To sunset Federal laws and regulations which treat the American people 
    like children by denying them the opportunity to make their own 
  decision regarding control of their bank accounts and what type of 
   information they wish to receive from their banks, and for other 
                               purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                             March 15, 2011

   Mr. Paul introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL

 
To sunset Federal laws and regulations which treat the American people 
    like children by denying them the opportunity to make their own 
  decision regarding control of their bank accounts and what type of 
   information they wish to receive from their banks, and for other 
                               purposes.

    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 ``Freedom to Bank Act''.

SEC. 2. SUNSET OF FEDERAL LAWS REQUIRING PENALTIES FOR WITHDRAWALS FROM 
              TRANSACTION OR TIME ACCOUNTS.

    Any provision of any Federal law, other than the Internal Revenue 
Code of 1986, that imposes, or requires the imposition of, any penalty 
on any consumer for withdrawing or transferring funds from any 
transaction account (as defined in section 19(b)(1)(C) of the Federal 
Reserve Act) or any savings or time deposit, and any regulation 
prescribed under any such law, shall cease to be effective as of the 
date of the enactment of this Act.

SEC. 3. SUNSET OF FEDERAL LAWS REQUIRING FINANCIAL INSTITUTIONS TO 
              PROVIDE STATEMENTS OF ACCOUNTS EXCEPT AT THE REQUEST OF 
              THE CONSUMER.

    (a) In General.--Notwithstanding the Truth in Lending Act, the 
Electronic Fund Transfer Act, the Truth in Savings Act, and any other 
provision of Federal law that requires a creditor, depository 
institution, or credit union to provide periodic statements of 
accounts, after the date of the enactment of this Act, no creditor, 
depository institution, or credit union shall be required to provide 
periodic statements of account to any customer unless the customer has 
notified the creditor, depository institution, or credit union that the 
customer elects to receive such statements.
    (b) Notice to Consumers of Options.--Each creditor, depository 
institution, or credit union shall establish a procedure for notifying 
customers of their right to elect to receive statements of account and 
the method for implementing such election. If the creditor, depository 
institution, or credit union has the capacity to offer statements of 
account electronically, the creditor, depository institution, or credit 
union shall use the notification procedure established under the 
preceding sentence to make the consumer aware of the existence of the 
option to receive an electronic statement.
                                 <all>
```