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State Senate´s First Bill Introduced

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Senator Jackie Speier has proposed another bill aimed at protecting personal financial information.

Speier introduced her bill today, making it the first in the new session of the state Senate.

It´s her fourth attempt at passing legislation that would let consumers opt out of having their financial records shared between affiliated companies.

Banks and insurance companies have argued that not allowing companies to share information would increase costs. They also say it would leave consumers more susceptible to identity theft.

Those industries spent more than $20 million in campaign contributions and lobbying expenses during its successful two-year fight against Speier´s earlier bill.