Condemning any proposals for the arbitrary seizure of funds from federally insured deposit accounts in the United States by the Government without due process.

Condemns any proposals for the arbitrary seizure of funds from federally insured deposit accounts in the United States by the government without due process.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 166 Introduced in House (IH)]

113th CONGRESS
  1st Session
H. RES. 166

   Condemning any proposals for the arbitrary seizure of funds from 
    federally insured deposit accounts in the United States by the 
                    Government without due process.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 17, 2013

  Mr. Latham (for himself, Mr. Cole, Mr. Duffy, Mr. Fitzpatrick, Mr. 
Fortenberry, Mr. Hanna, Mr. King of Iowa, and Mr. Nugent) submitted the 
following resolution; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                               RESOLUTION


 
   Condemning any proposals for the arbitrary seizure of funds from 
    federally insured deposit accounts in the United States by the 
                    Government without due process.

Whereas to make up for budgetary shortfalls, foreign governments have proposed 
        to subject a one-time tax or fee on individual deposit accounts in 
        financial institutions in their countries;
Whereas such proposals have incited public panic and raised concerns that large 
        numbers of bank customers may withdraw funds from their depository 
        institutions rapidly and simultaneously, also known as ``bank runs'';
Whereas such proposals have resulted in temporary capital restrictions and bank 
        closures in fear of prolonged bank runs;
Whereas such proposals have resulted in bank customers unable to withdraw funds 
        during normal bank operating hours;
Whereas federally insured deposit accounts help maintain public confidence in 
        the U.S. financial system;
Whereas such a tax or fee would have a destabilizing effect on American 
        families, businesses, and the overall U.S. financial system; and
Whereas a financial transaction tax or fee also would be detrimental to average 
        investors in towns all across America, suppress business activity, and 
        harm the U.S. economy from Main Street to Wall Street: Now, therefore, 
        be it
    Resolved, That the House of Representatives condemns any proposals 
for the arbitrary seizure of funds from federally insured deposit 
accounts in the United States by the Government without due process.
                                 <all>