I 
110TH CONGRESS 
1ST SESSION H. R. 2096 
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 
MAY 1, 2007 
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 oppor-
tunity 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 Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Freedom to Bank 
Act’’. 
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SEC. 2. SUNSET OF FEDERAL LAWS REQUIRING PENALTIES 
FOR WITHDRAWALS FROM TRANSACTION OR 
TIME ACCOUNTS. 
Any provision of any Federal law, other than the In-
ternal Revenue Code of 1986, that imposes, or requires 
the imposition of, any penalty on any consumer for with-
drawing or transferring funds from any transaction ac-
count (as defined in section 19(b)(1)(C) of the Federal 
Reserve Act) or any savings or time deposit, and any regu-
lation 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. 
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(b) NOTICE
TO CONSUMERS
OF OPTIONS.—Each 
creditor, depository institution, or credit union shall estab-
lish 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 in-
stitution, or credit union has the capacity to offer state-
ments of account electronically, the creditor, depository in-
stitution, or credit union the notification procedure estab-
lished under the preceding sentence shall include informa-
tion to make the consumer aware of the existence of the 
option to receive an electronic statement. 
Æ 
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