Big ‘I’ Advocates for Agents as Lawmakers Review Consumer Data Privacy Laws

• By: Raaed Haddad
• June 12, 2025

Last week, the House Financial Services Subcommittee on Financial Institutions held a hearing, “Framework for the Future: Reviewing Data Privacy in Today’s Financial System.”

The subcommittee, chaired by Rep. Andy Barr (R-KY), explored the developing landscape of consumer data privacy laws across both state and federal jurisdictions and examined consumer financial data privacy law under the Gramm-Leach-Bliley Act (GLBA).

The hearing focused on creating a uniform national data privacy standard while updating the GLBA, which became law in 1999.

The GLBA requires insurance agencies, insurers and other financial institutions to disclose their information-sharing policies and to inform consumers of their ability to prevent the sharing of non-public personal information with certain nonaffiliated third parties.

Recently, the Big “I” submitted comments in response to a data privacy request for information issued by the House Energy and Commerce Committee Chairman Brett Guthrie (R-KY) and Vice Chairman John Joyce (R-PA). The letter highlights several key issues, such as the impact on small businesses, the establishment of new consumer rights, and preserving the enforcement authority of state insurance officials.

In its comments, the Big “I” reminded Congress that the state regulatory system has worked well in this area for more than 20 years and there is no public policy rationale for abandoning it now. The Big “I” voiced its support for keeping state insurance regulators in charge of implementing and enforcing federal privacy standards and adopting any necessary sector-specific guidance within the insurance industry.

The Big “I” also expressed its support for a small business exemption and will continue to make that ask of any privacy legislation coming out of the House Energy and Commerce Committee.

Understanding that both committees have an interest in data privacy, the Big “I” urges the House Financial Services and Energy and Commerce Committees to work together on potential data privacy legislation. As Congress continues to work on this important issue, the Big “I” will continue to advocate for independent insurance agents.

Raaed Haddad is Big “I” director of federal government affairs.