WASHINGTON — House Financial Services Committee Chairman Patrick McHenry, R-N.C.,
McHenry's bill would require financial companies to offer consumers more disclosures regarding their financial data, and it would allow consumers to request that their records be deleted. McHenry said in a statement that the bill is meant to secure private financial data "without strangling innovation."
There's some notable omissions in the final version than a draft circulated
McHenry's bill would also preempt state laws, an idea that rankled House Financial Services Committee ranking member Rep. Maxine Waters, D-Calif., in a
"I'm interested in learning how we can strengthen data privacy standards to better protect consumers," Waters said during the hearing. "I know this is a priority for Chairman McHenry, but I've heard some concerns with the approach taken in the discussion draft we're considering today. For example, according to California's state privacy agency, the discussion draft we're considering would preempt state laws, including those in my home state. The draft would prevent states from adopting new protections in response to changes in technology, something the current law allows."
In materials accompanying the bill's release, McHenry's office said that the preemption part of the chairman's bill would "reduce compliance burden and provide certainty to both consumers and entities that handle their financial data."