Identity Theft: who’s protecting you? VS.. Do you want your financial information in the hands of...
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Transcript of Identity Theft: who’s protecting you? VS.. Do you want your financial information in the hands of...
Do you want your financial Do you want your financial information in the hands of Big information in the hands of Big
Business?Business?
California and The California and The Federal government have Federal government have
been working to ensure been working to ensure financial privacyfinancial privacy
BUTBUTWhose plan will protect you Whose plan will protect you
the best?the best?
California State PlanCalifornia State Plan
SB-1SB-1 Stops consumer information from Stops consumer information from
being shared with businessbeing shared with business Info. only released with “express” Info. only released with “express”
permission from consumerpermission from consumer Keeps bank balances, spending Keeps bank balances, spending
habits and credit reports privatehabits and credit reports private Protects from Big BusinessProtects from Big Business
Federal Government PlanFederal Government Plan
Fair Credit Report ActFair Credit Report Act Regulates distribution of consumer Regulates distribution of consumer
credit reports to businesses credit reports to businesses Removes any negative information Removes any negative information
(e.g. bankruptcy, late payments, (e.g. bankruptcy, late payments, etc.) after certain amount of timeetc.) after certain amount of time
Only keeps credit reports privateOnly keeps credit reports private Pro-BusinessPro-Business
The Layer CakeThe Layer Cake
A.K.A. Dual FederalismA.K.A. Dual Federalism California’s bill will be changed to fit California’s bill will be changed to fit
Federal guidelinesFederal guidelines A perfect example of dual A perfect example of dual
federalism!federalism!
Lobbyists: Trouble-makers for Lobbyists: Trouble-makers for Californians Californians
• Lobbyists for Big Lobbyists for Big Business use their Business use their influence to ensure influence to ensure laws pass in their favorlaws pass in their favor
• California’s privacy acts California’s privacy acts would stop the flow of would stop the flow of consumer informationconsumer information
The Federal Government wants to The Federal Government wants to create a “uniform national create a “uniform national
standard” for financial privacy.standard” for financial privacy.
By doing so, credit becomes By doing so, credit becomes easily accessible to the everyday, easily accessible to the everyday,
average Joe.average Joe.
Why would Congress create a Bill Why would Congress create a Bill that gives less protection over that gives less protection over
consumers?consumers?California’s SB-1 act would highly California’s SB-1 act would highly
restrict Big Business’s restrict Big Business’s information sources, but Big information sources, but Big Business has the weapon of Business has the weapon of money and power.money and power.
Most likely, the Federal Govt. is Most likely, the Federal Govt. is doing what it needs to for its doing what it needs to for its own security.own security.
The consumer matters, but the The consumer matters, but the consumer cannot compare to consumer cannot compare to influence of Big Business. influence of Big Business.
What New York Believes…What New York Believes…
Sept.2005 Gov. George Sept.2005 Gov. George Pataki signed new identity Pataki signed new identity theft legislation.theft legislation.
Public and private org. are Public and private org. are required to inform required to inform customers if their personal customers if their personal information has been information has been leaked.leaked.
If over 5,000 citizens are If over 5,000 citizens are affected NY government affected NY government offices must get involved. offices must get involved.
Michael OxleyMichael Oxley
Representative Representative from Ohiofrom Ohio
Supports Federal Supports Federal LawLaw
Allowing different state standards will hurt, not help consumers. This act protects all consumers uniformly.
Michael Oxley is wrong.Michael Oxley is wrong.We believe that states should decide We believe that states should decide
how to handle the relationship how to handle the relationship between consumers and Big between consumers and Big Business.Business.
States have a closer relationship with States have a closer relationship with their citizens and could create a their citizens and could create a privacy law to better suit their needs.privacy law to better suit their needs.
Maxine WatersMaxine Waters
Congress woman Congress woman from Californiafrom California
Against Federal Against Federal Privacy lawPrivacy law
If anyone told me I’d be here on the house floor arguing for states’ rights against the conservatives on the other side of the aisle, I’d tell them they were crazy.
Isn’t it Ironic?Isn’t it Ironic?
As a liberal democrat, Waters is more As a liberal democrat, Waters is more likely to want strong federal control, likely to want strong federal control, instead of advocating states’ rights. instead of advocating states’ rights. In this case, the opposite occurs.In this case, the opposite occurs.
Corporate interests, which are Corporate interests, which are normally favored by republicans, normally favored by republicans, trump states’ rights, which are also trump states’ rights, which are also normally favored by Republicans.+ normally favored by Republicans.+