More Privacy Bills, This Time from Mass. Democrat

Adding to the mounting list of privacy bills in Congress, Rep. Edward J. Markey introduced legislation this week that would prevent banks from selling private information without a customer's approval.

The Massachusetts Democrat introduced two bills Tuesday that would require banks, thrifts, credit unions, securities brokers, investment firms, and financial advisers to tell customers when information is being gathered about them or whenever they plan to disclose such data to an affiliate or outside entity.

Financial services providers also would have to get a customer's written permission to reveal account and other private information.

"Right now the privacy of an individuals' bank or brokerage records or mutual fund purchases is largely left to the discretion of the financial services industry, which appears to have few qualms about using this information for cross-marketing or other commercial purposes," Rep. Markey said.