Senate Banking Committee Chairman Phil Gramm of Texas and Sen. Bob Bennett of Utah urged regulators Wednesday to withdraw the know-your-customer proposal.

In a letter to the heads of the four bank and thrift agencies, the two Republicans said the proposed rule, issued in December for public comment, would violate citizens' privacy rights.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.