August 5, 2002Executive Secretary:
Federal Deposit Insurance Corp.
550 17th Street NW
Washington DC 20429
Gentlemen:
Comments / OES-Know Your Customer
I wish to express my objection to section of the Patriots bill that authorizes special
banking interests to collect personal information.
Two years ago there was an attempt to change the regulations so the special interest
banking group could obtain personal information. After a showing by the American public of
dissatisfaction with the attempt to intrude into the privacy of the Americans the
"Know your customer" regulation was withdrawn.
After the failure of the American Intelligent agencies by not acting information, and the
laxity of the security inspectors at the airports by letting passengers carry knives on
board airplanes, a group of 25 persons was able to high jack four American airplanes.
The Know Your customer does nothing to improve the security in the country, but it does
jeopardize the privacy of the Americans.
It should be noted that there were 86,000 thief of identity complaints with the Federal
Trade Commission in year 2001. It should be noted that New York banks are under
investigation for questionable money transactions with ENRON and WORLD CON.
It should also be noted that a major source of income was denied to banks by prohibiting
them from marketing their customers' personal information.
During the waning years of Clinton Administration, an airplane was shot down by the Cubans
when it invaded its air space. Through the influence of the Cuban American community,
congress passed an act that required the government an embargo against any country that
traded with Cuba.
President Clinton decided that it would be harmful to the country to take such action.
1. The American people have stated their dislike of the financial institutions and their
intrusion into their privacy by the way of "Know Your Customer."
2. The government's has demonstrated a lack of ability to process important information
that is available.
3. The decrease in personal security and certain increase in identity thefts.
Implementation of this intrusive act should be held back (just as Clinton did on embargo
act passed after the Cuban's downed a plane) until the courts have a chance to rule on the
constitutionally of the act, or the congress has a chance to negate the act.
I am sure that the Boston "Patriots" who fought the British King George and the
power of the East India Tea company would toss this act into the harbor along with the
Tea.
Respectfully yours,
Victor Mitura
Mendenhall, PA