Clinton Plans to Protect Consumer Financial Data
Dateline: 05/02/00
President Clinton on April 30, 2000, announced new proposed legislation designed to protect the financial privacy of American consumers.
Speaking at the commencement ceremony of Eastern Michigan University, the President stated that he plans to send the proposed legislation to Congress next week, thus fulfilling his promise of November 12, 1999, when he signed legislation modernizing the financial and banking system. At that time, the President stated, "We cannot allow new opportunities to erode old and fundamental rights." (Source: White House Publications)
Major provisions of the Clinton-Gore plan to protect financial privacy include:
Consumer choice: Give consumers the right to choose whether a firm can share consumer financial information with third parties or affiliated firms.
Enhanced protection for especially sensitive information: Require that a consumer give its affirmative consent before a firm can:
Gain access to medical information within the financial conglomerate; or
Share detailed information about a consumer's personal spending habits.
Access and Correction: Give consumers a new right to review their information and correct material errors.
Effective enforcement: Provide effective enforcement tools for financial institutions subject to FTC enforcement of privacy rules.
Comparison Shop on Privacy Policies: Give consumers privacy notices upon application or request, so they know how information is protected before a customer relationship is established.
Study Privacy Issues Raised by Bankruptcy Data: The President directed a study of the privacy impact of electronic availability of detailed bankruptcy records, containing financial information of vulnerable debtors.
The complete text of the White House press release, including more complete details can be viewed on the next page.
Next page Complete Text and Details >Page 1, 2
Reference Links
Clinton says reforms would protect Americans' Privacy
CNN report of April 30, 2000
FTC questions privacy on Internet health sites
Reports that health care Web sites are violating users' privacy spurs an FTC investigation, from your About.com Guide
Internet privacy links, anonymous web surfing, and issues related to securing your identity from About.com Guide to Law Paul S. Reed.
Resources for protecting your identity while online from About.com Guide to Civil Liberties J.D. Tuccille.
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