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Social Security Number Privacy Act of 2001 (Introduced in Senate)

S 324 IS

107th CONGRESS

1st Session

S. 324

To amend the Gramm-Leach-Bliley Act, to prohibit the sale and purchase of the social security number of an individual by financial institutions, to include social security numbers in the definition of nonpublic personal information, and for other purposes.

IN THE SENATE OF THE UNITED STATES

February 14, 2001

Mr. SHELBY introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

A BILL

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the `Social Security Number Privacy Act of 2001'.

SEC. 2. AMENDMENTS RESTRICTING THE SALE AND PURCHASE OF SOCIAL SECURITY NUMBERS.

(a) IN GENERAL- Section 502 of the Gramm-Leach-Bliley Act (15 U.S.C. 6802) is amended by adding at the end the following:

`(f) REGULATION OF THE SALE AND PURCHASE OF SOCIAL SECURITY NUMBERS AND SOCIAL SECURITY ACCOUNT NUMBERS-

`(1) PROHIBITION- Notwithstanding any other provision of this title, no financial institution may sell or purchase a social security number or a social security account number in a manner that violates a regulation promulgated by the Federal functional regulators under paragraph (2).

`(2) REGULATIONS-

`(A) IN GENERAL- Not later than 6 months after the date of enactment of the Social Security Number Privacy Act of 2001, the Federal functional regulators shall promulgate regulations restricting the sale and purchase of social security numbers and social security account numbers by financial institutions.

`(B) RESTRICTIONS AND CONDITIONS- In promulgating regulations under subparagraph (A), the Federal functional regulators shall impose restrictions and conditions on the sale and purchase of social security numbers and social security account numbers that are no broader than necessary--

`(i) to provide reasonable assurances that social security numbers and social security account numbers will not be used to commit or facilitate fraud, deception, or crime; and

`(ii) to prevent an undue risk of bodily, emotional, or financial harm to an individual.'.

(b) DEFINITIONS- Section 509(4)(A) of the Gramm-Leach-Bliley Act (15 U.S.C. 6809(4)(A)) is amended by inserting `, including a social security number or social security account number' after `financial information'.

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