Congress is close to an elimination of privacy
Congress signed a law to strike down revolutionary that the rules in California, the man the power to stop banks, insurance and brokerage firms in possession of the same company in exchange for their financial secrets.
The effort, inspired by lobbyists for banks, is part of a broad thrust of the financial industry for legislation to abolish local laws and state, consumers greater control over their private financial information . Act already contains provisions extended anticipation of local public finances and market rules privacy, but the law is in force at the end of this year unless Congress passes new legislation.
The California law, with broad support was bipartie in Sacramento two months ago from corporate lobbyists, has derailed similar legislation before cowed was public support for a proposed referendum that would have a harder right of the state. Privacy is favourable, Concerned by the growing number of financial institutions, many branches under one roof, had hoped that other countries would follow California’s lead by limiting how these companies can use personal financial information.
But the legislation, it is expected that the stick once the Senate next week that would precede large part of California law and prevent other countries to take similar steps. The bill was unanimously in the Senate, the Banking Committee in the last month, but Senators Dianne Feinstein and Barbara Boxer, both California Democrats, have proposed an amendment that would accept the national rules in California. You also propose extending the current federal law only a year to give Congress more time to verify the issue.
In the house last month, legislators voted 392 to 30 for a bill would also precede the right of the State.
Banks and others, against the California law, which takes effect in July next year, say that it is not practicable to a confusing patchwork of state and local rules, it would be more difficult and costly for people with a credit.
According to its proponents, the California legislation on protection against one of the greatest fears expressed in favour of privacy after the passage in the year 1999 by a federal depression of the end of the period rules, the obscene, banks, insurance companies and brokerage entry of another company.
The concern was that large groups of financial services, again free to grow much larger and expansion into new businesses, huge databases of customer loans and financial information, banking and income that could be used for such a situation, such as the establishment and mortgage rates decision on whether to offer insurance coverage. The problem, privacy advocates say is that everything that happens from the viewpoint of consumers - would be powerless to correct or challenge inaccurate data - and out of reach of laws governing credit institutions that reports from agencies.
In an interview, Senator Feinstein said that the banking sector, we tried to stop running the new rule dawns in California and that, despite strong in California, to support the law, it would be a “climb combat “to win approval for his proposal of the Senate.
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