SAN FRANCISCO – Citing their losses since the Sept. 11 terrorist attacks on America, banks, insurance companies and other financial institutions in California are trying to prevent privacy legislation from being revived in the next session of the state Legislature, the San Francisco Chronicle is reporting.
In an editorial discussing the war on terrorism and how it affects privacy issues, the newspaper included a warning about "Corporate America's roving eyes."
"Some industries, particularly financial services, are now trying to invoke the war on terrorism to block legislation that would protect consumer privacy," it said. "Sources in Sacramento say that banking and insurance lobbyists are citing their losses from Sept. 11 as a reason not to resurrect a measure (SB 773, by Sen. Jackie Speier, D-Hillsborough) that would require companies to get customer permission before sharing or selling personal financial information."
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The California Credit Union League was among groups opposed to the legislation.
"Speier's bill fell nine votes short of passage in the Assembly in late September, with 22 members declining to vote in the face of intense industry pressure," the Chronicle said. "Gov. Gray Davis, who had publicly expressed support for a strong privacy law, undermined Speier's bill behind the scenes."
The newspaper also said that the "near-passage of a financial-privacy bill has created a sense of urgency for industry lobbyists in Washington.
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