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Quote:In the wake of a string of high profile data breaches reported by banks, retailers and credit card companies, a U.S. House panel on Thursday approved a bill drafted to protect consumers from identity theft and credit card fraud.

"It is ironic that after a year in which over 55 million Americans' identities were put at risk through preventable data breaches, the House Financial Services Committee would repeal state laws that have protected consumers from identity theft," said Susanna Montezemolo, a policy analyst with Consumers Union...

Democrats are criticizing the bill, claiming it erodes essential protections that allow consumers to prevent identity thieves from opening credit accounts in their names and require companies to inform consumers when their personal data have become compromised. Meanwhile, privacy lawyers and information security companies are beginning to weigh in on the potential ramifications of this pending legislation....