Political Quotes

“I rise today with Senator Sarbanes to introduce the Financial Information Privacy Act. This important legislation would give customers notice and choice about whether and how their financial institutions share or sell their confidential financial information. The right to privacy is among the most cherished of our constitutional rights. But this right has been under assault in a number of areas, including with regard to citizens' financial records, medical records, and prescription drug and retail purchases. This bill is an important first step in protecting consumers' most personal, sensitive financial information: their bank account balances, transactions involving their stocks and mutual funds, and payouts on their insurance policies. This information has become a commodity and is being distributed and sold among businesses all over the world but without the knowledge or consent of the consumers whose very own information is being conveyed. The sharing of their most sensitive, private financial information has become increasingly prevalent given two key factors: (1) technological advances which facilitate the collection and retrieval of information; and (2) the formation of new, diversified business affiliations, under which companies can more easily access personal data on each other's customers. In this environment, there are dangers of misuse and abuse of confidential financial information.”