September 09, 2003
Washington, DC – Congresswoman Barbara Lee (D-CA) today voted against HR 2622, the Fair and Accurate Credit Transactions Act, because the bill would not eliminate the partial preemption of California’s recently-enacted Financial Information Privacy Act, which protects consumers from having their personal information shared between affiliates of a financial institution.
During the course of debate, Lee introduced an amendment to HR 2622 that would have guaranteed the implementation of California’s tough consumer protection standards. Lee’s amendment would not have only permitted the implementation of SB 1, but it would also have used California’s strong consumer protections as a benchmark by which other states could enact their own laws.
“This fight is not over,” said Lee. “We will continue to work with our colleagues here and in the Senate to protect California financial privacy and identity theft laws as the bill moves to Conference.”
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Congresswoman Barbara Lee Opposes So-Called Fair and Accurate Credit Transactions Act
Bill would Partially Preempt California’s Financial Information Privacy Act
Washington, DC – Congresswoman Barbara Lee (D-CA) today voted against HR 2622, the Fair and Accurate Credit Transactions Act, because the bill would not eliminate the partial preemption of California’s recently-enacted Financial Information Privacy Act, which protects consumers from having their personal information shared between affiliates of a financial institution.
During the course of debate, Lee introduced an amendment to HR 2622 that would have guaranteed the implementation of California’s tough consumer protection standards. Lee’s amendment would not have only permitted the implementation of SB 1, but it would also have used California’s strong consumer protections as a benchmark by which other states could enact their own laws.
“This fight is not over,” said Lee. “We will continue to work with our colleagues here and in the Senate to protect California financial privacy and identity theft laws as the bill moves to Conference.”
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