A new law requires banks and finacial institutions to notify customers that they can have their personal information kept private. Mr. Nader called on the new chairman of the Senate Banking Committee, Sen. Paul Sarbanes, D-Md., to move quickly to pass new privacy laws.
Mr. Nader warned that without legislation the result will be a "bonanza for the junk-mail operators and identity-theft specialists," and he also warned that the current law is opening the door to a "wholesale invasion of consumers' privacy." -- Ira Teinowitz
Copyright June 2001, Crain Communications Inc.