In Brief: Bill Would Postpone Know-Your-Customer

Three Republican members of the House Banking Committee introduced a bill Tuesday that would postpone implementation of know-your- customer regulations.

The American Financial Institutions Privacy Act would require a study of the money laundering rule's impact on privacy rights. Implementation of know-your-customer rules would be delayed until one year after the study was delivered to Congress.

Original co-sponsors include Republican House Banking Committee members Bob Barr of Georgia, Richard Baker of Louisiana, and Tom Campbell of California, as well as Majority Whip Tom Delay of Texas and Rep. Saxby Chambliss of Georgia.

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