Senate, House Pass Financial Reform Bill as Expected
The Senate passed the bill by a vote of 90-8 and the House passed it by 362-57. President Clinton is expected to sign it into law.
Last week an exemption was inserted into the bill that allows the transfer of customer information between retailers and the companies that process their credit cards.
"It's a technical amendment," said David Runkel, a spokesman for the House Committee on Banking and Financial Services. "It's not a loophole or anything."
According to a report in today's Wall Street Journal, the provision was lobbied for by the National Retail Federation, Washington, and other groups. An NRF spokesman was not immediately available.