Interesting People mailing list archives
IP: Treasury Secretary Larry Summers, privacy hypocrite
From: David Farber <farber () cis upenn edu>
Date: Fri, 8 Oct 1999 18:32:39 -0400
Date: Wed, 6 Oct 1999 16:16:17 -0700 (PDT) From: Declan McCullagh <declan () well com> This is a fine example of hypocrisy. Treasury Secretary Larry Summers says Americans don't expect "a bank processing a check to record, store and evaluate their personal behavior" and suggests he'd like to prohibit banks from doing so. Fair enough. BUT the truth is that current law and regulations require banks to extensively monitor customers and turn that info to the Feds. A massive government database administered by the IRS' Detroit computing center receives and records these reports. Details at: http://www.wired.com/news/news/politics/story/18821.html AND the Treasury Department (and Justice Department and FBI) opposed a plan this summer to nix that surveillance: http://www.wired.com/news/news/politics/story/20554.html Geez, I mean if you're going to be a regulatory enthusiast and invade Americans' privacy, at least be upfront about it. Hypocrisy stinks. -Declan ==== http://www.ustreas.gov/press/releases/ps141.htm FOR IMMEDIATE RELEASE October 5, 1999 LS-141 "TOWARD A 21st CENTURY FINANCIAL REGULATORY SYSTEM" TREASURY SECRETARY LAWRENCE H. SUMMERS REMARKS BEFORE THE WOMEN IN HOUSING AND FINANCE WASHINGTON, DC [...] Financial privacy has gained much greater prominence as an issue since the last Congress. Much of the benefit of financial modernization is synergy, and part of that synergy is derived from the sharing of information B from developing innovative products to relieving customers of the burden of reintroducing themselves to an institution each time they do business. Nonetheless, revelations about financial service industry practices have come as a shock to policy makers and many consumers, who thought that financial services firms preserved the confidentiality of personal customer information. Our challenge is to protect the privacy of consumers while preserving the benefits of competition and innovation. Americans should have the opportunity to participate in the modern means of electronic payments and receipts without subjecting themselves to behavioral profiling. Just as they would not expect a letter carrier to read their mail or record their correspondence, they do not expect a bank processing a check to record, store and evaluate their personal behavior. Consumers applying for mortgage loans should not have to worry that their bank is mining their checks to determine how many are written out to doctors or pharmacies. Providing consumers with notice and choice on the use of their financial information represents an important counterbalance to the increased breadth of financial institutions permitted under the bills. Consumer privacy safeguards should apply to sharing or sale of information both outside and within financial organizations. [...] -------------------------------------------------------------------------- POLITECH -- the moderated mailing list of politics and technology To subscribe: send a message to majordomo () vorlon mit edu with this text: subscribe politech More information is at http://www.well.com/~declan/politech/ --------------------------------------------------------------------------
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- IP: Treasury Secretary Larry Summers, privacy hypocrite David Farber (Oct 08)