1999 0428 and 0505 – GOV (House) – The Financial Services Act of 1999 – Michael G. Oxley (R-OH)

1999 0428 and 0505 - GOV (House) - The Financial Services Act of 1999, Michael G. Oxley (R-OH)

1999 0428 and 0505 - GOV (House) - The Financial Services Act of 1999, Michael G. Oxley (R-OH) --- [BonkNote]
- [PDF-205p, VIDEO-?]
- House - Committee on Commerce - Subcommittee on Finance and Hazardous Materials
- (p111) - NAIC - Prepared Statement of Commissioner George Nichols III Chairman, Committee on Financial Services Modernization
  - (p111-112) - Collectively, the insurance premiums paid by American consumers in 1997 amounted to ... $107 billion for life insurance...
    - Consumers clearly have an enormous financial and emotional stake in assuring that the promises made by insurance providers are kept.
  - (p112) - State Regulators Are the Only Protection for Insurance Consumers
  - (p112) - HR 10 Prevents State Insurance Regulators from Protecting Consumers
    - NAIC pointed out the following serious flaws in HR 10 during NAIC President and Connecticut Insurance Commissioner George Reider’s testimony before the House Banking and Financial Services Committee on February 11, 1999.

(p71) - [Privacy] - Edward J. Markey (D-MA) - And when you drop by your insurance agent a few days later to take out a new life insurance policy, will he, after a few clicks of the mouse on his computer, look over to you and ask, so, can you tell me what all those recent charges are for sky-diving lessons?
- Well, if we allow all of this to be mixed into one company, each one of these people will have access to your file whether or not they have any basis to have access to it.
- Now, your friendly banker or broker or insurer in that one company wouldn’t be foolish enough to actually reveal to you that they have gathered all of this sensitive information about you because they know that if they ever did, you would reach right across the desk and throttle them for their insolence in prying into your personal affairs and talking about your daughter, your wife, your mother in those terms. But they do have the file right in front of them even though you didn’t go to them, that broker or that insurance agent or any other part of that affiliate for those services.
- Under current law, there is nothing, absolutely nothing to prevent them from taking your family secrets and selling or transferring them to their affiliates all in the name of synergies. H.R. 10 does very little to stop the principal harm done by those much touted synergies, the taking of an individual’s most precious private property right, their right to privacy.
- We are going to form a Congressional privacy caucus. We need one.