US Department of Commerce & the Federal Trade Commission on Their Respective Reports Addressing Consumer Privacy

SIFMA provides comments to the National Telecommunications and Information Administration of the U.S. Department of Commerce and the Federal Trade Commission on their respective reports addressing consumer privacy. The Department of Commerce released the report, Commercial Data Privacy and Innovation in the Internet Economy: A Dynamic Policy Framework on December 16, 2010; and the Federal Trade Commission issued the report, Protecting Consumer Privacy in an Era of Rapid Change: A Proposed Framework for Business and Policymakers on December 1, 2010.  SIFMA notes the financial services industry already complies with extensive privacy and data security regulations.  SIFMA recommends that industries already subject to sectoral regulation, such as financial services, be excluded from both agencies’ final reports.