Wendy Sherman: “I thank the gentleman from Missouri for his tireless work on this. We passed this bill in this exact form in the 111th…”

“I thank the gentleman from Missouri for his tireless work on this. We passed this bill in this exact form in the 111th Congress, the 112th Congress, and I think the third time will be the charm. We passed it by voice vote once; we passed it again; and this time we're sending it to the Senate with 22 months left to go, so they have little excuse for not somehow dealing with the bill. And by that, I mean passing the bill. The bill is now narrowly tailored and is very straightforward. It simply revises disclosure requirements originally passed under the Gramm-Leach-Bliley Act to eliminate a costly and duplicative requirement that all financial institutions mail their customers a copy of their privacy notice each year, even if there has been no change in the policy. Under the bill, the only documents that won't have to be mailed are identical to what has been mailed to the same person at some previous time. There may have been a time in our country, even a decade ago, where the natural thing was, Let's rummage around and try to find that privacy policy. Now everybody I know is going to go to the Web and look at it on the day they want to look at it rather than wait for the annual time in which it is mailed to them. Under the bill, the customer would receive a printed copy of the privacy policy when they become a customer of the financial institution and every time that policy changes.…”