Gray Davis Signs Tough California Privacy Law

Jackie Speier, the Democratic California state senator, must be happy today.

After many setbacks, Gov. Gray Davis has signed her privacy bill, SB-1, into law. It is rated as the toughest in the nation.

Federal law might still supercede SB-1, but for now, financial institutions are faced with some tough new measures in California.

For one thing, the bill mandates that banks obtain a consumer