Federal lawmakers defeated the “Do Not Share” amendment by a 70-24 vote, which gave consumers greater control over their financial privacy.

The amendment, proposed by California Senators Dianne Feinstein and Barbara Boxer, which gave consumers the right to tell financial institutions not to share their personal information such as social security numbers, bank balances, credit card purchases and stock holdings with affiliate companies.

“We need stronger laws to protect us from potential predations of affiliate sharing,” Feinstein said. “I don’t expect the bank with whom I do business to give my information to hundreds of affiliates so they can contact me.”.

(via Wired News)