Financial Privacy Protection Act of 2005
Latest action. Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: continuing resolutionA stopgap law funding the government at existing levels when the annual appropriations bills are not done by October 1.Read the full definition (opens a new tab) S9515-9517)
Financial Privacy Protection Act of 2005 - Amends the Gramm-Leach-Bliley Act to require each financial institution to develop and maintain a security system designed to prevent any breach with respect to its customer information.
Prescribes guidelines for: (1) federal functional regulators to issue regulations governing a customer information security system; and (2) financial institutions to notify customers of unauthorized access to customer information.
Provides for: (1) civil action for damages by a customer adversely affected by a violation of this Act; (2) injunctions against a financial institution in violation or potential violation of this Act; and (3) civil enforcement actions by state Attorneys General.
Amends the Fair Credit Reporting Act to: (1) require a consumer reporting agency to trigger a fraud alert in a consumer file upon notification by a consumer of a data security breach or suspected breach under this Act; and (2) prohibit the user of a consumer report to take any adverse action with respect to a consumer based solely on the inclusion of a fraud alert, extended alert, or active duty alert in the file of that consumer.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on July 29, 2005. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on July 29, 2005: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S9515-9517)
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the Senate
- Passage by the House
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 109th Congress (2005-06), 482 of the 10,701 bills and joint resolutions introduced became law, about 4.5 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
JON CORZINE (D-NJ) introduced it on July 29, 2005. No cosponsors are recorded.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on July 29, 2005, 7713 days ago. The most recent recorded action was 7713 days ago, on July 29, 2005.
Measures do not carry over. Anything the 109th Congress has not finished by January 3, 2007 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- SenateIntroduced, no floor vote yet
- HouseAwaits Senate passage
- PresidentAwaits both chambers