San Francisco Chronicle: $20 million tab to defeat privacy bill

Bill Wallace reports that more than $20 million was spent in campaign contributions and lobbying expenses to defeat the California Financial Information Privacy Act, SB773.

A Chronicle analysis of spending reports filed with the secretary of state’s office shows that corporations opposed to the measure spent more than $8.8 million on political contributions during the last 18 months and another $12 million on lobbyists and related costs.

Experts said the campaign against the measure will probably go down as one of the most expensive in state history — much like the $17 million state and local campaign by electrical power companies in the wake of the California energy deregulation fiasco.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.