WASHINGTON - New consumer privacy protection rules have already been drafted, and a formal proposal will be released in February, Treasury Department officials said Thursday.

Gary Gensler, Treasury under secretary for domestic finance, said in an interview that 30 to 40 officials representing eight federal agencies have met five times since President Clinton signed the financial reform bill last month. He predicted a final rule will be ready by the law's May 12 deadline and that it will "very likely" take effect on time in November. (The privacy regulations are supposed to kick in Nov. 12, but the law gave regulators the option of delaying implementation if necessary.)

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.