An editorial in this morning’s San Francisco Chronicle comments on the seeming inability of California’s legislature to tackle financial privacy legislation.
For three straight years, the industry and its water carriers in the California Legislature come up with myriad excuses, parliamentary tricks and just plain duplicity to keep consumers from having control over their personal financial information.
The California legislature can’t even agree on something as basic as a budget — so perhaps we’re expecting too much of them. The irony here, of course, is that it’s highly likely that this inability of the California legislature to act will simply lead to even more aggressive action via the initiative process. When the debate moves to that venue, whether the financial services industry can successfully defeat such an initiative in the face of strong consumer support for privacy measures is the big question.