WASHINGTON — Sen. Richard C. Shelby on Thursday said a full overhaul of the privacy requirements in the 1999 financial reform law is needed to adequately protect consumer information.

“It will take a complete rewrite of the privacy title of Gramm-Leach-Bliley to achieve this goal,” the Alabama Republican said in a luncheon speech to Women in Housing and Finance. Strengthening the privacy laws “will not happen overnight,” he said.

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