[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 324 Introduced in Senate (IS)]







107th CONGRESS
  1st Session
                                 S. 324

To amend the Gramm-Leach-Bliley Act, to prohibit the sale and purchase 
      of the social security number of an individual by financial 
 institutions, to include social security numbers in the definition of 
        nonpublic personal information, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           February 14, 2001

  Mr. Shelby introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
To amend the Gramm-Leach-Bliley Act, to prohibit the sale and purchase 
      of the social security number of an individual by financial 
 institutions, to include social security numbers in the definition of 
        nonpublic personal information, 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 ``Social Security Number Privacy Act 
of 2001''.

SEC. 2. AMENDMENTS RESTRICTING THE SALE AND PURCHASE OF SOCIAL SECURITY 
              NUMBERS.

    (a) In General.--Section 502 of the Gramm-Leach-Bliley Act (15 
U.S.C. 6802) is amended by adding at the end the following:
    ``(f) Regulation of the Sale and Purchase of Social Security 
Numbers and Social Security Account Numbers.--
            ``(1) Prohibition.--Notwithstanding any other provision of 
        this title, no financial institution may sell or purchase a 
        social security number or a social security account number in a 
        manner that violates a regulation promulgated by the Federal 
        functional regulators under paragraph (2).
            ``(2) Regulations.--
                    ``(A) In general.--Not later than 6 months after 
                the date of enactment of the Social Security Number 
                Privacy Act of 2001, the Federal functional regulators 
                shall promulgate regulations restricting the sale and 
                purchase of social security numbers and social security 
                account numbers by financial institutions.
                    ``(B) Restrictions and conditions.--In promulgating 
                regulations under subparagraph (A), the Federal 
                functional regulators shall impose restrictions and 
                conditions on the sale and purchase of social security 
                numbers and social security account numbers that are no 
                broader than necessary--
                            ``(i) to provide reasonable assurances that 
                        social security numbers and social security 
                        account numbers will not be used to commit or 
                        facilitate fraud, deception, or crime; and
                            ``(ii) to prevent an undue risk of bodily, 
                        emotional, or financial harm to an 
                        individual.''.
    (b) Definitions.--Section 509(4)(A) of the Gramm-Leach-Bliley Act 
(15 U.S.C. 6809(4)(A)) is amended by inserting ``, including a social 
security number or social security account number'' after ``financial 
information''.
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