Unanimous Consent Request-Executive Calendar

Floor Speech

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Mr. PAUL. Madam President, reserving the right to object, as you know, I have been a critic of these treaties for some time. This discussion has gone on for quite a while. I disagree with many of the implications of where these treaties would take us. But I realize there are some beneficial aspects of the treaties.

But because of the critical invasion of privacy that these treaties would allow, I cannot support them. These treaties are an encroachment on our privacy and our constitutional right to privacy. Many of the previous treaties that we have had in the past focused on information specific to tax fraud.

I am not opposed to getting the information of those who have committed fraud or broken the law, but you must have an accusation, you must submit some proof.

We are going to have bulk collection of records without suspicion.

As previously stated in the previous treaties, the information that was exchanged in the past under the current treaties had to show that they were for preventing tax fraud. The new treaty, though, is going to change the standard from looking for tax fraud--which seems to be what everybody is talking about--to saying that we will look for financial information that may be relevant.

What we are doing is taking the standard down to something ``may be relevant,'' which could be a dragnet for getting everyone's information. It will be a deterrent to foreign investors both in our country as well as in other countries. I think at the very least every American, whether at home or abroad, deserves the right to the fourth amendment protections guaranteed by the Constitution.

I want the record to be very clear. I certainly do not condone Americans who have not followed the letter of the law, but I can't support a law that endangers regular foreign investment and punishes every American regardless of whether there is suspicion that they have committed a crime.

While I want the important benefits included in the tax treaties to be ratified, I cannot support a treaty that would pave the way for a law that would permit the IRS to share information of customers at U.S. banks with foreign governments. Imagine, we will be conceivably sharing information about customers here with governments that may well not even be our friends. Also, I cannot support a treaty that may facilitate the bulk collection of private financial data for all U.S. citizens living abroad. For those reasons, I object.

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