Contact Information:

Center for
Freedom and Prosperity
 P.O. Box 10882
Alexandria, Virginia 22310-9998
Phone: 202-285-0244
Fax: 208-728-9639

Free Congress Foundation

For Immediate Release:
Contact: Notra Trulock

March 2, 2001 

Clinton Treasury Holdovers Circumventing
Congress to Threaten our Financial Privacy

     PARIS - Bradley Jansen of the Free Congress Foundation today warned Americans that Clinton holdovers in the Treasury Department are attempting to use the Paris-based Organization of Economic Cooperation and Development (OECD) to limit our financial freedoms. Equally alarming, successful attacks on tax competition could result in economic instabilities in the targeted nations with unpredictable consequences.

     A broad coalition of nearly 800 groups, led by Free Congress, thwarted Clinton Administration efforts to impose domestic Know Your Customer regulations on the U.S. banking system in 1999. Now these technocrats are trying to circumvent our domestic financial institutions by urging the international community through the OECD to impose these policies on member nations from a Paris-based bureaucracy with no accountability. Should they succeed, the U.S. would be forced to adopt these policies as part of an international agreement, thereby overriding U.S. law. This is direct attack on U.S. sovereignty.

     Offshore banking would be largely shut down which could cripple the economies of many of the Caribbean nations that offer tax havens for Americans. Such economic instabilities could have serious implications for U.S. national security; not least of which could be increased illegal immigration.

     Most importantly, under this international rule, any U.S. citizen with a bank account, would have their account activity monitored and reported to not only U.S. government agencies, but to international authorities as well. 

     "Americans should not have to live in fear of their government investigating where and how they spend their own money, let alone have to worry about international law enforcement authorities suspecting them of criminal activity because they deposited a year end bonus or settled an estate," said Lisa S. Dean, Director for the Center for Technology Policy at the Free Congress Foundation.


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