Privacy Notification Exemption Passed by House Committee

CPA Letter, The, January, 2006 by Anonymous

On Wednesday, Nov. 18, 2005, in a mark up, the House Financial Services Committee included an exemption from the privacy notification provisions of the Gramm-LeachBliley Act for CPAs in the Financial Services Regulatory Relief Act of 2005 (H.R. 3505). This provision, long a priority of the AICPA, arose from a bill co-sponsored by Mark Kennedy (R-MN) and Collin Peterson (D-MN), two of the CPAs currently serving in Congress. Congressman Kennedy, who is a member of the committee, offered the exemption amendment along with Congresswoman Darlene Hooley (D-OR). The amendment passed on a voice vote, and the bill is expected to pass the entire House this year.

The prospects for passage in the Senate are not yet clear. A regulatory relief bill is currently being drafted in the Senate...

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