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Eliminate Privacy Notice Confusion Act

Floor Speech

By:
Date:
Location: Washington, DC

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Mr. SHERMAN. Mr. Speaker, I yield myself such time as I may consume.

I will be brief. We passed substantially the same language unanimously by voice vote 2 years ago. This bill has been amended by unanimous consent so as to be virtually identical with what was passed 2 years ago. It now has the support of the ranking member.

I urge an ``aye'' vote and reserve the balance of my time.

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Mr. SHERMAN. Mr. Speaker, I yield myself such time as I may consume.

I want to thank the gentleman from Missouri for his work and leadership on this bill. I also want to thank the ranking member, Mr. Frank, for his support, and, of course, the gentlelady from West Virginia.

If this bill becomes law, a written copy of the privacy policy will still go by postal mail to every customer when he or she becomes a customer of the financial institution. Another copy will go every time that policy is changed, and the policy will be available day and night on the Internet on the Web site of the financial institution. The privacy policy will be known to everyone who has an interest in reading it, whether $100 is paid as a bonus for reading it or not.

Mr. Speaker, I have no further speakers, and I yield back the balance of my time.

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