Congress is considering privacy legislation — be afraid — GCN

COMMENTARY

Congress is considering privacy legislation — be afraid

By Jeff Sovern
May 17, 2019

Supreme Court Justice Louis Brandeis called privacy the “right to be let alone.” Perhaps Congress should give states trying to protect consumer data the same right.

For years, a gridlocked Congress ignored privacy, apart from occasionally scolding companies such as Equifax and Marriott after their major data breaches. In its absence, states have taken the lead in experimenting with privacy-related laws.


[…] Read more

Privacy Laws: Should Congress Wait For States Before Acting?

By Jeff Sovern, St. John’s University via The Conversation

Supreme Court Justice Louis Brandeis called privacy the “right to be let alone.” Perhaps Congress should give states trying to protect consumer data the same right.

For years, a gridlocked Congress ignored privacy, apart from occasionally scolding companies such as Equifax and Marriott after their major data breaches. In its absence, states have taken the lead in experimenting with privacy-related laws.

California, for example, recently passed legislation giving citizens the right to know what data businesses have on them – and to block the information’s sale to third parties. It’s the first of […] Read more

Rep. Bill Foster of Naperville to head new AI, Big Data panel in Congress

When you needs some votes, you call a politician. When you need help regulating the Googles, Amazons and Rocket Mortgages of the world, you call a geek—one who also happens to be a politician.

That’s the apparent logic behind naming Illinois member Bill Foster, D-Naperville—the only nuclear physicist in Congress—the chairman of a new Task Force on Artificial Intelligence of the House Committee on Financial Services.

Foster notes that the algorithms and Big Data that increasingly run the tech world have started playing a huge day-to-day role in your life, and aren’t too different than the ones he once used at Fermilab […] Read more

FTC asks Congress to create national privacy law to regulate big tech’s use of personal data / Boing Boing

Members of the United States Federal Trade Commission (FCC) on Wednesday asked Congress to create a national privacy law that would regulate how technology giants like Facebook and Google gather, store, and share the personal data of users.

“As we have learned from the concerning privacy issues surrounding Cambridge Analytica and Facebook, and from massive data breaches like the one at Equifax, there is little reason to believe that consumers can trust these companies with our personal data,” said Frank Pallone (D-NJ), who heads the energy and commerce committee.

Cecilia Kang at the New York Times:

In testimony before the House Energy and […] Read more

Equifax (EFX) Stock Value Rose While Ubs Oconnor Has Increased Stake; As Tjx Companies (TJX) Share Value Rose, Congress Asset Management Company Increased by $30.14 Million Its Holding

Congress Asset Management Company increased its stake in Tjx Companies Inc (TJX) by 98.23% based on its latest 2018Q4 regulatory filing with the SEC. Congress Asset Management Company bought 684,937 shares as the company’s stock rose 7.44% with the market. The institutional investor held 1.38 million shares of the consumer services company at the end of 2018Q4, valued at $61.84 million, up from 697,275 at the end of the previous reported quarter. Congress Asset Management Company who had been investing in Tjx Companies Inc for a number of months, seems to be bullish on the $65.62 billion market cap company. […] Read more

F-15X vs. F-35 Budget Dogfight: Congress Just Got Some Urgent Advice

A recent study for Congress slammed the Air Force’s request for Boeing (BA) F-15X fighters and advocated for more Lockheed Martin (LMT) F-35 stealth fighters.

X

The Center for Strategic and Budgetary Assessments, which delivered the congressionally mandated study earlier this month, said “no” when asked if the Air Force should buy the F-15X, according to Defense…

[…] Read more

Congress Eviscerates Credit Reporting CEOs

Still centered on Equifax’s 2017 data breach, congressional encounters with credit reporting CEOs yielded harsh words and plans to pass the industry’s power to consumers.

Lawmakers are continuing to hound Equifax over its massive 2017 data breach, which affected and exposed the personal information of an estimated 148 million Americans.

On Tuesday, California Rep. Katie Porter initiated an interrogation of Equifax’s top brass.

“My question for you is whether you would be willing to share today your social security, your birthday and your address at this public hearing,” Porter, a freshman representative and Democrat, asked.

“I would be a bit uncomfortable doing that, […] Read more

Women of Congress Took on the Credit Reporting Industry

Obviously, the big story dominating news out of Congress this week is Michael Cohen’s testimony regarding all the crimes he says Trump committed or asked him to commit. But it wasn’t the only exciting event taking place. The House Committee on Financial Services held a hearing Tuesday regarding a potential overhaul of the credit reporting industry and they absolutely killed it.

Rep. Maxine Waters, who leads the Committee, has introduced a nearly 200-page bill aiming to change the way giant corporations (Equifax, Experian and TransUnion) collect and distribute Americans’ information. In a statement, Waters says,

In this broken system, credit reports are […] Read more

Credit reporting agencies face pressure from skeptical U.S. Congress

(This Feb. 26 story corrects the name of Equifax in paragraph 2)

FILE PHOTO: The U.S. Capitol is shown after the U.S. government reopened with about 800,000 federal workers returning after a 35-day shutdown in Washington, U.S., January 28, 2019. REUTERS/Joshua Roberts/File Photo

By Pete Schroeder

WASHINGTON (Reuters) – The nation’s major credit reporting agencies faced renewed scrutiny from Congress on Tuesday, as lawmakers consider legislation overhauling the industry.

Top executives from the three major credit reporting agencies – Equifax Inc, Experian Plc and TransUnion had to defend their business models before skeptical lawmakers who appeared eager to order changes […] Read more