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One of the handful of senators who voted against the Gramm-Leach-Bliley financial services modernization bill termed it a “farce” that a financial services industry lobbying coalition intends to educate federal and state policymakers on financial privacy issues.

The coalition of five trade associations, named the Financial Services Coordinating Council, Dec. 8 said it plans to work on the “smooth” implementation of the Gramm-Leach-Bliley Financial Services Act of 1999 and “expects the privacy debate will be a focus of particular attention.” The industry group includes the American Bankers Association, American Council of Life Insurance, American Insurance Association, Investment Company Institute, and Securities Industry Association.

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