The White House's chief counselor for privacy May 3 eased some of direct marketers' concerns about new financial privacy legislation proposed Sunday by President Clinton. Peter Swire told a meeting of the Direct Marketing Association that the legislation, due to be formally unveiled possibly by week's end, would force companies that issue credit cards to let consumers opt out of sharing individual profile information, but with a major exception. Credit card companies could still sell lists of consumers who bought certain kinds of products or traveled to certain places, as long as the lists didn't contain personal profiles of individuals. Mr. Swire said the legislation also will give the Federal Trade Commission new authority to establish rules for privacy.
Copyright May 2000, Crain Communications Inc.