109 HR 2387 IH: Privacy Protection Act of 2005 U.S. House of Representatives 2005-05-17 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 109th CONGRESS 1st Session H. R. 2387 IN THE HOUSE OF REPRESENTATIVES May 17, 2005 Mr. Kennedy of Minnesota (for himself and Mr. Peterson of Minnesota) introduced the following bill; which was referred to the Committee on Financial Services A BILL To provide an exemption from certain requirements under the Gramm-Leach-Bliley Act.

1.

Short title

This Act may be cited as the Privacy Protection Act of 2005.

2.

Exemption

Section 509(3) of the Gramm-Leach-Bliley Act (15 U.S.C. 6809(3)) is amended by adding at the end the following new subparagraph: (E)

Certain financial institutions

Notwithstanding subparagraph (A), the term financial institution does not include any provider of financial services, or any affiliate thereof, that is subject to regulation of client confidentiality that prohibits unauthorized disclosure of confidential client information without the consent of the client in the form of laws, rules, or regulation of professional conduct or ethics promulgated either by the court of highest appellate authority or by the principal legislative body or regulatory agency or body of any State of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, or the Northern Mariana Islands, or by the laws of the United States..