Republicans Attack Privacy Laws

News and Opinion for Democrats Against Bush - Part I b

Republicans Attack Privacy Laws

"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."

The New York Times

October 25, 2003

Congress Is Close to Eliminating a Privacy Law

By RICHARD A. OPPEL Jr.

Opening words--

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 financial secrets.

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. ....

http://www.nytimes.com/2003/10/25/business/25PRIV.html?tntemail0

The complete article may be purchased from the archives of the New York Times at-- http://query.nytimes.com/gst/abstract.html?res=F2091EFA39550C768EDDA90994DB404482

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