Not the people who later merged the financial equivalent of cats and dogs and pushed the Gramm-Leach-Bliley Act into law.

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The authors of the Gramm-Leach-Bliley Act granted this right in a subsection.

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Today, the boss is personally liable--and at risk of jail time--if there's a breach of a key regulation such as the Gramm-Leach-Bliley Act.

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Yet, although Glass-Steagall was scrapped last year, Merrill has not formed a bank-holding company, regulated by the Federal Reserve, which the replacement Gramm-Leach-Bliley act allows.

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For instance, in late 1999, he signed the Gramm-Leach-Bliley Act that repealed parts of the Glass-Steagall Act, prohibiting commercial banks from getting into the investment business.

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Instead, the judge said, the Gramm-Leach-Bliley Act, which sets forth basic privacy protections in non-credit reporting situations, is the relevant federal law and it does allow states to enact more stringent privacy controls.

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On appeal, the industry groups argue that the district court incorrectly relied on the Gramm-Leach-Bliley Act, and that the FCRA, and 2003 amendments to it, expressly preempt SB1's affiliate sharing requirements.

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