WASHINGTON, Oct. 24 — Congress is poised to pass a law that would strike down groundbreaking rules in California
intended to give people the power to stop banks, insurers and brokerage firms owned by the same company from swapping their
The effort, spurred by banking lobbyists, is part of a broader push by the financial services industry for legislation
that would permanently abolish state and local laws that could give consumers greater control over their private financial
information. Federal law already includes broad provisions pre-empting state and local financial-privacy regulations, but
the existing law is set to expire at the end of this year unless Congress passes new legislation.
The California law was passed with wide bipartisan support in Sacramento two months ago after corporate lobbyists who had
derailed similar legislation before were cowed by strong public support for a proposed referendum that would have established
a tougher state law. ....