American Financial Institutions Privacy Act of 1999

Read twice and referred to the Committee on Banking.

Congressional Research Service

Official summary

Version 00 · Introduced in Senate · Feb 25, 1999

American Financial Institutions Privacy Act of 1999 - Precludes the Secretary of the Treasury and any Federal banking agency from prescribing any "Know Your Customer" regulation (a regulation requiring any depository institution to determine a customer's identity, sources of funds, and normal transactions and to monitor account activity for inconsistent transactions) unless specifically authorized to do so by a subsequent Act of Congress. Requires the Secretary and the Federal banking agencies to jointly conduct a comprehensive study and report to Congress on the impact of such regulations upon certain civil liberties and financial relationships, the economic burden of such regulations on small depository institutions, and the practical alternatives.

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People & committees

Who introduced it

Sen. Jeffords, James M. [R-VT] · R–VT

Committees

Banking, Housing, and Urban Affairs Committee

0 cosponsorship records, including any withdrawals

Legislative record

Actions

A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.

Feb 25, 1999
Read twice and referred to the Committee on Banking.
Feb 25, 1999
Sponsor introductory remarks on measure. (CR S2008-2009)
Feb 25, 1999
Introduced in Senate

Primary sources

Bill text & related measures

Text links open the official source. We currently store references to these documents.

Introduced in Senate · Feb 25, 1999 Formatted Text PDF

Related bills identified by Congress.gov

No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.

Source last updated: Aug 20, 2025. Consult Congress.gov for the current record.

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Objective

Analyze S.466 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

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Discuss S.466, 106th Congress: American Financial Institutions Privacy Act of 1999

Official record: https://www.congress.gov/bill/106th-congress/senate-bill/466

Text version to examine: Introduced in Senate · 1999-02-25.

Official full text: https://www.congress.gov/106/bills/s466/BILLS-106s466is.htm

Imported record last updated by the source: 2025-08-20T14:19:42Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Analyze S.466 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

Fairness and public impact

Progressive lens

Examine S.466 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

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Discuss S.466, 106th Congress: American Financial Institutions Privacy Act of 1999

Official record: https://www.congress.gov/bill/106th-congress/senate-bill/466

Text version to examine: Introduced in Senate · 1999-02-25.

Official full text: https://www.congress.gov/106/bills/s466/BILLS-106s466is.htm

Imported record last updated by the source: 2025-08-20T14:19:42Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.466 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

Institutions and government scope

Conservative lens

Examine S.466 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

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Discuss S.466, 106th Congress: American Financial Institutions Privacy Act of 1999

Official record: https://www.congress.gov/bill/106th-congress/senate-bill/466

Text version to examine: Introduced in Senate · 1999-02-25.

Official full text: https://www.congress.gov/106/bills/s466/BILLS-106s466is.htm

Imported record last updated by the source: 2025-08-20T14:19:42Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.466 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

Individual rights and government power

Liberty lens

Examine S.466 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.

View full prompt & sources

Discuss S.466, 106th Congress: American Financial Institutions Privacy Act of 1999

Official record: https://www.congress.gov/bill/106th-congress/senate-bill/466

Text version to examine: Introduced in Senate · 1999-02-25.

Official full text: https://www.congress.gov/106/bills/s466/BILLS-106s466is.htm

Imported record last updated by the source: 2025-08-20T14:19:42Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.466 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.