The Financial Services Roundtable (FSR) is supporting a bill designed to enhance data security as a means of protecting consumers.
FSR officials said the organization, which represents financial services companies providing banking, insurance, payment and investment products, backs the legislation introduced by Reps. Blaine Luetkemeyer (R-MO) and Carolyn Maloney (D-NY), calling it a crucial step in the legislative process toward consumer protection.
“This bipartisan data security proposal prioritizes consumer protection by creating a strong standard to keep sensitive data protected and ensuring consumers are quickly informed when a breach puts them at risk,” Jason Kratovil, FSR’s vice president of Government Affairs, said. “We thank Reps. Luetkemeyer and Maloney for their leadership and look forward to working with the Financial Services Committee and all interested stakeholders to advance a much-needed data security bill across the finish line.”
The organization previously forwarded correspondence to the Financial Services Committee imploring lawmakers to enact strong data security legislation.
“It is not too late for the members of National Association of Convenience Stores (NACS) and those of like mind to grab the regulatory winner’s mantle and join the growing numbers interested in working in good faith to enact rigorous, pro-consumer data security and consumer breach notification legislation,” FSR officials wrote.
FSR said member companies account for $92.7 trillion in managed assets, $1.2 trillion in revenue and 2.3 million jobs.