SENATE SCHEDULES DEBATE ON FAIR CREDIT REPORTING ACT.The Senate approved a unanimous consent In parliamentary procedure, unanimous consent, also known as general consent, is a situation in which no one present objects. The chair may state, for instance: "If there is no objection, the motion will be adopted. [pause] Since there is no objection, the motion is adopted. agreement Oct. 28 to put S. 1753, the National Consumer Credit Reporting System Improvement Act, on the calendar for consideration this week. The agreement provided for the House companion bill, H.R. 2622, to be discharged from the Senate Commerce Committee with the text after the enacting clause that clause of a bill which formally expresses the legislative sanction. See also: Enact stricken and replaced by the text of S. 1753. The House and Senate bills would reauthorize seven provisions of the Fair Credit Reporting Act The Fair Credit Reporting Act (FCRA) is legislation embodied in title VI of the Consumer Credit Protection Act (15 U.S.C.A. § 1681 et seq. [1968]), which was enacted by Congress in 1970 to ensure that reporting activities relating to various consumer transactions are conducted in a set to expire Jan. 1. Like the House-passed bill, the Senate bill authorizes a study by the Federal Trade Commission on the effects of credit scores and insurance scoring on the availability of consumer credit. But it deletes the House-passed requirement that the FTC FTC See Federal Trade Commission (FTC). consult the Department of Housing and Urban Development about the study. The bill also includes permanent preemption preemption U.S. policy that allowed the first settlers, or squatters, on public land to buy the land they had improved. Since improved land, coveted by speculators, was often priced too high for squatters to buy at auction, temporary preemptive laws allowed them to acquire language which would block states from adopting financial privacy laws stricter than the federal law. California's Democratic Sens. Dianne Feinstein and Barbara Boxer support allowing a tougher California privacy law to preempt pre·empt or pre-empt v. pre·empt·ed, pre·empt·ing, pre·empts v.tr. 1. To appropriate, seize, or take for oneself before others. See Synonyms at appropriate. 2. a. the federal law, but the California law does not take effect until Jan. 1, 2004. If Congress fails to pass the legislation before the existing preemption language expires at the end of this year, the California law would be allowed to take effect. Action on the bill was put off to this week because Feinstein and Boxer were in California last week because of the forest fires. Both said they planned to offer amendments, and they are expected to try to amend the Senate bill so it includes language from the tougher California privacy law. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion