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Data Security Legislation Caught in Jurisdictional Logjam

Legislation backed by the financial services industry that could potentially name the source of data security breaches and require reimbursement by retailers where the breaches occurred is stalled.

By Staff Writer | Updated on June 05, 2007

WASHINGTON — Legislation backed by the financial services industry that could potentially name the source of data security breaches and require reimbursement by retailers where the breaches occurred is stalled.

“At the Fed level, data security is still at several committees. They have not broken the jurisdictional logjam that they’d hoped to,” CUNA Lobbyist John Magill said. According to Magill, House Financial Services Committee Chairman Barney Frank (D-Mass.) wanted to convene a small group of the legislators involved to agree on principles in common “but that was unsuccessful as I understand it,” Magill explained. “[House Energy & Commerce Committee Chairman John] Dingell (D-Mich.) decided he was going to go his own way.”

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