Political Quotes

“I am pleased today to be a original cosponsor of the Financial Information Privacy Protection Act of 2001. I am delighted to join Senator Sarbanes, the ranking member of the Senate Banking Committee, who is a real leader in the Senate on protecting personal financial information. In November 1999, President Clinton signed into law the landmark Financial Modernization Act, which updated our financial laws and opens up the financial services industry to become more competitive, both at home and abroad. Many of my colleagues and I supported that legislation because we believe it will benefit businesses and consumers. It is already making it easier for banking, securities, and insurance firms to consolidate their services, cut expenses and offer more products at a lower cost to all. But this consolidation also raises new concern about our financial privacy. New conglomerates in the financial services industry are offering a widening variety of services, each of which may require a customer to provide financial, medical or other personal information. Nothing in the new law prevents these new subsidiaries or affiliates of financial conglomerates from sharing this information for uses beyond those the customer thought he or she was providing it.”