The proposed regulations would require financial institutions to monitor the activities of their customers and report anything unusual or suspicious to a federal database used by law enforcement agencies and the Internal Revenue Service.
Banks create relationships with their clients based on trust.
We cannot allow America to go down that road. All other federal financial regulators, including the Federal Reserve Bank, the Comptroller of the Currency, and the Office of Thrift Supervision, followed suit, proposing similar regulations. During the House Banking Committee mark-up of H.R. 10, the Financial Services Modernization Bill, Biggert voted with a bipartisan majority to adopt language that will prohibit similar regulations from ever being enacted. Establish a profile of each customer and decide which activities are normal and customary for each one. Monitor each customer's transactions and see if they deviated from the normal pattern.