Financial Privacy and National Security Enhancement Act
The source supplies the latest action, but no lifecycle stage.
Latest action (2 Nov 2001): Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
What this bill does
H.R. 3068, the Financial Privacy and National Security Enhancement Act, would create an 11-member "Presidential Commission on Financial Privacy and National Security." The Commission would study how financial institutions protect consumer privacy, how that is regulated, and how privacy protections could be strengthened while preserving the flow of financial information needed for national security purposes, such as investigating money laundering, fraud, and identity theft. It would also examine the cost and clarity of existing privacy notices required under the Gramm-Leach-Bliley Act and the effects of varying state privacy laws. The Commission would report its findings and recommendations to the President and Congress by March 31, 2005, and terminate 30 days later. While the Commission operates, the bill would impose a moratorium barring states from imposing new financial-privacy requirements on financial institutions, with an exception for certain state insurance laws referenced in the Gramm-Leach-Bliley Act.
The bill would affect financial institutions, consumers, federal financial regulators (including the SEC, Federal Reserve, Treasury, and Justice Department), state insurance regulators, and congressional leadership, who would appoint or serve as Commission members.
The bill was introduced on October 9, 2001, by Rep. Bob Ney and referred to the House Committee on Financial Services. It did not receive a vote and did not advance further in the 107th Congress.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
Financial Privacy and National Security Enhancement Act - Establishes the Presidential Commission on Financial Privacy and National Security to study and report to Congress on financial service industry practices for protecting the privacy of consumer financial information, the manner and extent to which such practices are regulated by financial service regulators, and ways to improve and strengthen financial information privacy while preserving effective financial information flow for national security.Imposes a moratorium on State financial privacy laws during the period the Commission is performing its duties.
Timeline
2 Nov 2001
Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
Common questions
- What does H.R. 3068 do?
- H.R. 3068, the Financial Privacy and National Security Enhancement Act, would create an 11-member "Presidential Commission on Financial Privacy and National Security." The Commission would study how financial institutions protect consumer privacy, how that is regulated, and how privacy protections could be strengthened while preserving the flow of financial information needed for national security purposes, such as investigating money laundering, fraud, and identity theft. It would also examine the cost and clarity of existing privacy notices required under the Gramm-Leach-Bliley Act and the effects of varying state privacy laws. The Commission would report its findings and recommendations to the President and Congress by March 31, 2005, and terminate 30 days later. While the Commission operates, the bill would impose a moratorium barring states from imposing new financial-privacy requirements on financial institutions, with an exception for certain state insurance laws referenced in the Gramm-Leach-Bliley Act. The bill would affect financial institutions, consumers, federal financial regulators (including the SEC, Federal Reserve, Treasury, and Justice Department), state insurance regulators, and congressional leadership, who would appoint or serve as Commission members. The bill was introduced on October 9, 2001, by Rep. Bob Ney and referred to the House Committee on Financial Services. It did not receive a vote and did not advance further in the 107th Congress.
- Has H.R. 3068 become law?
- The source does not supply a confirmed lifecycle stage for H.R. 3068. Check the latest action and official source below.
- Who sponsored H.R. 3068?
- H.R. 3068 was sponsored by Rep. Ney, Robert W. [R-OH-18] (R-OH), with 11 cosponsors.
- What's the latest action on H.R. 3068?
- Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises. (2 Nov 2001).
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