Consumer Protection Bill Rejected
An Assembly committee has rejected, for the second time in a month, a long-sought, heavily lobbied bill to give greater privacy protections to consumersÂ´ financial records. Consumer groups and the billÂ´s author, Senator Jackie Speier, say they instead will push for an initiative on next yearÂ´s ballot they say will be the nationÂ´s strongest financial privacy protection measure.
SpeierÂ´s bill faced strong opposition from the financial community, which said it would cost too much to implement and would not be flexible enough to work with all companies.
The bill would have specified when banks, insurance companies and other financial institutions could sell or share private information about their customers.