Introduction Of The Freedom To Bank Act

Floor Speech

INTRODUCTION OF THE FREEDOM TO BANK ACT -- (Extensions of Remarks - May 01, 2007)

* Mr. PAUL. Madam Speaker, I am pleased to introduce legislation repealing two unconstitutional and paternalistic Federal financial regulations. First, this legislation repeals a Federal regulation that limits the number of withdrawals someone can make from a savings account in a month's time without being assessed financial penalties. As hard as it is to believe, the Federal Government actually forces banks to punish people for accessing their own savings too many times in a month. This bill also repeals a regulation that requires bank customers to receive a written monthly financial statement from their banks, regardless of whether the customer wants such a communication.

* These regulations exceed Congress's constitutional powers and violate individual property and contract rights. Furthermore, these regulations insult Americans by treating them as children who are unable to manage their own affairs without Federal control. I urge my colleagues to show their respect for the Constitution and the American people by cosponsoring this legislation.

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