Another business lobby group, the 60-member National Foreign Trade Council, opposes this solution. Lobbyist Kenneth Kies, who represents the big companies, warned that without incentives to export, US manufacturers might start moving their operations outside the country. Wall Street Journal, New York Times and Financial Times US and European Union negotiators have reached a deal to protect consumer privacy in electronic commerce. The pact essentially extends the protections of Europe's stricter privacy protection laws to European consumers who engage in electronic commerce with US companies. US privacy laws are much more liberal, allowing a healthy market in the exchange of consumer data between companies.
European laws prevent companies from sharing data without permission from the customer.
They can agree to formal oversight by EU regulators, sign up with an accepted self-regulatory organization subject to oversight by the US Federal Trade Commission, or demonstrate that US laws are comparable to European ones in their particular area of activity. The proposal will be voted on by the EU's 15 member states on Mar. 31, and is expected to take effect this summer. P. C2 A Democratic senator is promising a fight to toughen up legislation that penalizes offshore banks involved in money laundering. New York senator Charles E. Schumer wants penalties to take effect automatically when money laundering abuses are uncovered, rather than leaving them to the discretion of US officials. Schumer said an effective policy should require that offshore banks suspected of money laundering be automatically forbidden access to the US banking system.