Privacy Protection Act of 2005

Privacy Protection Act of 2005 - Amends the Gramm-Leach-Bliley Act to exclude from the definition of "financial institution" (thus exempting from the requirements of the Act) any provider of financial services, or any of its affiliates, that is subject to regulation of client confidentiality in the form of state or territorial statute, regulation, or judicial decision prohibiting unauthorized disclosure of confidential client information without client consent.

[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2387 Introduced in House (IH)]






109th CONGRESS
  1st Session
                                H. R. 2387

   To provide an exemption from certain requirements under the Gramm-
                           Leach-Bliley Act.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 17, 2005

 Mr. Kennedy of Minnesota (for himself and Mr. Peterson of Minnesota) 
 introduced the following bill; which was referred to the Committee on 
                           Financial Services

_______________________________________________________________________

                                 A BILL


 
   To provide an exemption from certain requirements under the Gramm-
                           Leach-Bliley Act.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Privacy Protection Act of 2005''.

SEC. 2. EXEMPTION.

    Section 509(3) of the Gramm-Leach-Bliley Act (15 U.S.C. 6809(3)) is 
amended by adding at the end the following new subparagraph:
                    ``(E) Certain financial institutions.--
                Notwithstanding subparagraph (A), the term `financial 
                institution' does not include any provider of financial 
                services, or any affiliate thereof, that is subject to 
                regulation of client confidentiality that prohibits 
                unauthorized disclosure of confidential client 
                information without the consent of the client in the 
                form of laws, rules, or regulation of professional 
                conduct or ethics promulgated either by the court of 
                highest appellate authority or by the principal 
                legislative body or regulatory agency or body of any 
                State of the United States, the District of Columbia, 
                any territory of the United States, Puerto Rico, Guam, 
                American Samoa, the Trust Territory of the Pacific 
                Islands, the Virgin Islands, or the Northern Mariana 
                Islands, or by the laws of the United States.''.
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