- According to HR 2417 (Section 374), which became Public
Law 108-177 on Dec. 13, 2003:
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- (a) MODIFICATION OF DEFINITION- Section 1114 of the Right
to Financial Privacy Act of 1978 (12 U.S.C. 3414) is amended by adding
at the end the following:
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- '(d) For purposes of this section, and sections 1115
and 1117 insofar as they relate to the operation of this section, the term
'financial institution' has the same meaning as in subsections (a)(2) and
(c)(1) of section 5312 of title 31, United States Code [...]'
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- where the Financial Privacy Act was one of the victims
of the USA PATRIOT Act (Section 358). Now HR 2417 redefines "financial
institution" to match U.S. Code Title 31 Section 5312:
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- (2) ''financial institution'' means -
- [...] (N) a dealer in precious metals, stones, or jewels;
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- This could be a prelude to an FDR-style outlawing of
gold possession. For more on the future of gold vs. paper money, see the
Dec. 28, 2002 UnderReported.com story China deregulates gold; country's
demand to double, affecting world market.
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- www.LambReport.com
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