An Inclusive Litany

4/19/99

Following complaints from over a quarter million Americans, the government abandoned its "Know Your Customer" proposal that would have required banks to keep profiles of all their customers based on transaction patterns, reporting any unusual transaction to the Justice Department to aid in its endless quest for money launderers.

[Ed.: During the proposal's public comment period, there were 72 favorable comments, with 254,000 opposed—over 3,500 times as many.]