WASHINGTON - The Senate Banking Committee has scheduled a vote July 13 on securities reform legislation that is expected to include a showdown over medical privacy.
Committee Chairman Phil Gramm plans to offer an amendment that would bar lenders from using an applicant's medical condition or history in deciding whether to grant a loan, his spokeswoman said. Sen. Richard C. Shelby, R-Ala., said last week that he plans to offer an alternative that would prohibit financial institutions from sharing personally identifiable health information with affiliates or third parties in connection with any service unless customers give their explicit consent, or "opt in."
Senate Banking is also scheduled to vote on legislation that would require the Federal Reserve Board chairman to testify on Capitol Hill twice a year, once before Senate Banking and once before the House Banking Committee. However, the second committee may schedule a follow-up hearing if necessary.