LA Times: Congress Should Strengthen Financial Privacy
The LA Times has urged Congress to protect financial privacy by applying a new California law to the entire nation. The law is SB 1, which passed last month and allows individuals to opt-out of some affiliation sharing, and requires opt-in for 3rd party use of personal information. The editors argue that the federal Fair Credit Reporting Act doesn't protect financial privacy, and that "Americans are fed up with and want curbs on banks, insurers and telemarketers that swap and profit from their personal financial data."
The editors argue that "Stronger, not weaker, regulation is needed because identity theft is rampant and total outstanding consumer credit has soared from $556 billion in 1970 to an estimated $7 trillion now."
EDITORIAL A Privacy Message to D.C.
LA Times, September 5, 2003
California Senate Bill 1
California Legislative Information Site.
