President Bush signed the Fair and Accurate Credit Transactions Act of 2003 into law early last month.
H.R. 2622, sponsored by House Financial Institutions Subcommittee Chairman Spencer Bachus, R-AL, permanently extends the Fair Credit Reporting Act’s pre-emption of state laws on credit reporting, which was set to expire Dec. 31, 2003.
The Direct Marketing Association, relieved that tough state privacy laws like California’s will now be overridden, applauded passage of the measure.
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