109th CONGRESS
2d Session

H. R. 6297

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

September 29, 2006

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 a 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 the notification procedure established under the preceding sentence shall include information to make the consumer aware of the existence of the option to receive an electronic statement.

END