The U.S. Senate passed a bank reform bill yesterday, overturning Depression-era laws, to allow banks, insurance companies and securities firms to enter each others businesses.
The legislation lets consumers block banks from sharing their personal information with outside firms, but contains exceptions for marketing of financial products, according to published reports. Privacy advocates say these provisions don’t go far enough.
The Senate approved the bill by an overwhelming 90-to-8 vote and, at press time, the House was expected to do the same. Aides said President Clinton would sign the bill into law, it was reported.
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