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HR 516 106th Congress House

"Know Your Customer" Sunset Act

Official title: To prohibit the Secretary of the Treasury and the Federal banking agencies from implementing "know your customer" regulations which overburden financial instit… Show full official titleShow less

Official title: To prohibit the Secretary of the Treasury and the Federal banking agencies from implementing "know your customer" regulations which overburden financial institutions and invade the privacy of United States citizens.

Introduced: February 11, 1999 See on congress.gov
Finance and Financial Sector Administrative procedureBank accountsBank recordsCommerce
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Crime and Law EnforcementDepartment of the TreasuryFederal Deposit Insurance CorporationFederal Reserve SystemFinancial institutionsGovernment Operations and PoliticsGovernment corporationsGovernment paperworkLawMoneyMoney laundering
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This bill died when the 106th Congress ended
It never became law before the 106th Congress (1999–2000) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 12, 1999
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Feb 3, 1999
Referred to the House Committee on Banking and Financial Services.
Feb 3, 1999
Introduced in House
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 Latest action February 12, 1999

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

 Plain-English summary Congressional Research Service

'Know Your Customer' Sunset Act - Ends the effectiveness of, and prohibits the Secretary of the Treasury or any Federal banking agency from prescribing, any regulation that has the effect of requiring a depository institution or any other private entity to: (1) monitor customer accounts; or (2) obtain information concerning any person in connection with a financial transaction (including the source of any funds involved in the transaction).

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Cosponsors 11
All 11 Republican 4
R
Wicker, Roger F.
Mississippi · Jun 15, 1999
Isakson, Johnny
· Apr 21, 1999
FLETCHER, ERNEST
· Mar 17, 1999
DUNN, JENNIFER
· Mar 9, 1999
Toomey, Patrick
· Mar 9, 1999
 R
Sessions, Pete
Texas · Feb 11, 1999
 R
Moran, Jerry
Kansas · Feb 10, 1999
MCINNIS, SCOTT
· Feb 9, 1999
Sanford, Mark
· Feb 9, 1999
 R
Thune, John
South Dakota · Feb 9, 1999
NETHERCUTT, GEORGE
· Feb 3, 1999
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 516: "Know Your Customer" Sunset Act. 106th Congress. Open America. https://openamerica.io/bill/106-HR-516/
MLA
"H.R. 516: "Know Your Customer" Sunset Act." 106th Congress, 2026, Open America, https://openamerica.io/bill/106-HR-516/.
Bluebook (legal)
H.R. 516, 106th Cong. (2026), https://openamerica.io/bill/106-HR-516/.
Markdown link
[H.R. 516: "Know Your Customer" Sunset Act](https://openamerica.io/bill/106-HR-516/)
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