[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2730 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 2730

  To amend the Gramm-Leach-Bliley Act to provide for uniform national 
 financial privacy standards for financial institutions, and for other 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             August 2, 2001

    Mr. Sessions (for himself and Ms. Pryce of Ohio) introduced the 
   following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
  To amend the Gramm-Leach-Bliley Act to provide for uniform national 
 financial privacy standards for financial institutions, and for other 
                               purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``National Consumer Privacy Act''.

SEC. 2. FEDERAL PREEMPTION OF PRIVACY STANDARDS FOR FINANCIAL 
              INSTITUTIONS.

    (a) Gramm-Leach-Bliley Act.--Section 507 of the Gramm-Leach-Bliley 
Act (15 U.S.C. 6808) is amended to read as follows:

``SEC. 507. RELATION TO STATE LAWS.

    ``(a) In General.--No requirement or prohibition may be imposed 
under the laws of any State on financial institutions, including 
persons engaged in providing insurance, or the recipients of nonpublic 
personal information from such financial institutions, with respect to 
any subject matter regulated under sections 502, 503, or 504 of this 
subtitle.
    ``(b) Exception.--This provision shall not affect the authority of 
a State insurance authority to--
            ``(1) prescribe regulations, pursuant to State law, 
        applicable to persons domiciled in the State, to the extent 
        that such regulations are consistent with the regulations 
        prescribed under section 504(a)(1); and
            ``(2) enforce this subtitle, and any regulations prescribed 
        under paragraph (1), as provided in section 505(a)(6).''.
    (b) Fair Credit Reporting Act.--Section 624(d) of the Fair Credit 
Reporting Act (15 U.S.C. 1681t(d)) is amended--
            (1) by striking ``(b) and (c)'' and all that follows 
        through ``settlement, agreement, or consent judgment'' and 
        inserting ``(b) and (c) shall not affect any settlement, 
        agreement, or consent judgment'';
            (2) by striking ``; and'' after ``Consumer Credit Reporting 
        Reform Act of 1996'' and inserting a period; and
            (3) by striking paragraph (2).
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