Press Releases

Today, the House Financial Services Committee, led by Chairman French Hill (AR-02), is holding a hearing to provide an overview of financial data privacy policy and examine the current patchwork of legal frameworks at the Federal and state levels.

Read Chairman Hill's remarks as prepared for delivery:

"Good morning. Today’s hearing will examine the current state of consumer financial data policy and potential reforms to the Gramm-Leach-Bliley Act or “GLBA.”

"I want to begin by emphasizing the importance of maintaining the technology-neutral framework of the GLBA which has readily adapted to innovation for over a quarter century and has the tools to continue to adapt as technology goes in directions we cannot predict. 

"We will also consider potential additions to the GLBA framework to give consumers greater control over their data while maintaining the smooth provision of financial services, to give financial institutions greater clarity about their obligations, to promote competition, and to increase consumer choice.

"As we consider changes, we are working closely with our colleagues across the hall in the Energy and Commerce Committee to create a workable and comparable set of Federal policies for consumer data while accounting for the nuances of the different types of firms, products, and services in our respective jurisdictions.

"As we consider additions to the GLBA, we must strike a balance to achieve consumers’ desire for greater control over their financial data on the one hand, and on the other hand, their desire for their financial services to work as seamlessly as possible and without having to wade through a sea of checkboxes and emails.

"As we consider additions like access rights, deletion rights, and data minimization standards, we must craft them in a manner which imparts greater control but without the unintended consequences that, for example, an unwitting deletion request could have on a consumer’s smooth receipt of financial services.

"We must also recognize that the states have been running 26 years of experiments. With the results from the laboratories of democracy in hand, it is clear that it is time for a federal standard.

"Nationwide uniformity will promote competition by lowering barriers to entry created by the current state patchwork which disincentivizes firms from entering new state markets and competing on price to the benefit of consumers. Nationwide uniformity will also give consumers greater choice by making products currently only available in some states available in all.

"As we consider these and other changes to GLBA we must above all be as humble as the original authors, who knew two key things: one, that they could not predict what course technological innovation would take; and two, that a cautious, considered approach that allowed for flexibility and innovation was the best path forward.

"I urge all of us in our work on this subject to use a scalpel, not a sledgehammer. I look forward to hearing from our witnesses today, and I yield back."

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