Congress Protects Against Lost Data

Congress now begins to address the issue of personal consumer financial data being lost by companies behaving carelessly with consumer information. Though there is currently a bill in the house, this bill is not well received because it doesn’t adequately address consumer notification of data loss and it pre-empts state identity theft laws.

Endorsed by Hilary Clinton, the 2006 PROTECT Act (Privacy Rights and Oversight for Electronic and Commercial Transactions Act) would allow the following:
     - credit freezes if consumers suspect identity theft
     - “opt-in” credit offers rather than the current “opt-out”
     - Consumers immediate knowledge of personal data breaches that
        affect the consumer
 

Clinton believes that protecting consumers information and personal data is very important, and that the PROTECT Act will allow consumers safety and privacy.  ■