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Senator Pushing for Banks to Release Internal I.D. Theft Statistics

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According to an article by Brad Stone posted on CNET.com on March 21, 2007, there are several proposals emphasizing the need for banks and companies to disclose their identity theft occurrence data that will be discussed at a congressional hearing in March.

Sen. Dianne Feinstein (D-Calif.) has proposed a bill that would require companies to disclose data breach incidents and another bill that would restrict the use of--and punish the misuse of Social Security numbers.

Many financial experts support this idea of holding banks accountable for protecting their customers, though some also worry that banks will prioritize their reputation, and that conscientious banks will end up looking the worst.

The banking industry criticizes the plan, arguing that it will distract banks from monitoring current threats; bankers associations do, however, support Feinstein's proposal, as it targets third-party companies like retailers and data brokers.

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