Our personal information is at a greater risk than ever before. Last year’s Cash App data breach and cyberattack on Twitter proved that no one’s data is entirely safe and secure. In 1999 when the Gramm-Leach-Bliley Act (GLBA) was enacted, the online financial world that most of us use today simply didn’t exist. Americans didn’t need to worry that their personal information would be at risk on the Internet. Today, of course, things are very different. It is crucial we update our archaic data privacy laws to ensure we are in lockstep with the rapidly evolving technology landscape.
Three years ago, the House Financial Services Committee Republicans, led by former colleague Chairman Patrick McHenry (R-NC), put together a working group that seriously evaluated data privacy for financial institutions by looking at U.S. and international standards, and took input from various groups across the ideological spectrum to evaluate how to bring our financial system and data privacy into the 21st century. The culmination of this effort was the markup this week of Chairman McHenry’s bill, H.R. 1165, “The Data Privacy Act of 2023.”
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