Quote of the day: Data theft bills are 'ridiculous'

In a story about ineffective laws designed to inform consumers of when their personal data has been compromised, Rep. Barney Frank--the senior Democrat on the House financial services committee--warns of federal legislation in the works that offers consumers even fewer rights to demand notification about data leaks.

Some bills under consideration would give companies greater latitude in deciding when to report the loss of customer information, and would also restrict the right of consumers to freeze their bank accounts should their personal details be stolen, Frank said.

"The whole thing is ridiculous," said Frank, who argues that states should be allowed to set their own disclosure laws. "Not exposing these companies violates every good conservative principle of law enforcement, which says that the person who does the wrong is the one who must pay the price."

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