Presidential chief counselor for privacy Peter Swire attempted to assuage unease within the direct marketing industry at the proposed new financial privacy bill announced last weekend by President Clinton. The bill, due to be formally unveiled within days would, amongst other things, compel credit card issuers to allow consumers to opt-out from their personal profile data being shared with third parties.

Swire told a meeting of the Direct Marketing Association that the bill included a major exemption: credit card companies could still sell lists of consumers who bought certain kinds of products or travelled to certain places, as long as those lists omitted the individuals’ personal profiles. The legislation will also give the Federal Trade Commission new powers to establish privacy rules.

Sourced from: Advertising Age - Daily Deadline