Hill, J. French: Committee on Financial Services will come to order. Without objection, the chair is authorized to declare a recess of the committee at any time. Today's hearing is entitled, Updating America's Financial Privacy Framework for the 21st Century. Without objection, all members will have five legislative days within which to submit extraneous materials to the chair for inclusion in the record. I now recognize myself for four opening statements. Good morning. Today's hearing will examine the current state of consumer financial data policy and potential reforms to the Graham-Leach-Bliley Act, or GLBA. I want to begin by emphasizing the importance of maintaining the technology-neutral framework of Graham-Leach, which has readily adopted to innovation for over a quarter-century and has the tools to continue to adapt as technology goes in directions that we cannot predict. We will also consider potential additions to the Graham-Leach framework to give consumers greater control over their data while maintaining the smooth provision of financial services, to give financial institutions greater clarity about their obligations, and to promote competition and increase consumer choice. As we consider these changes, we're working closely with our colleagues down the hall in the Energy and Commerce Committee to create a workable and comparable set of federal policies for consumer data while accounting for the nuances of the different types of firms, products, and services in our respective jurisdictions. As we consider additions to GLBA, we must strike a balance to achieve consumers' desire for greater control over their financial data on one hand, and on the other hand, their desire for financial services to work as seamlessly as possible and without having to wade through a sea of checkboxes and emails. As we consider additions like access rights, deletion rights, and data minimization standards, we must craft them in a manner that imparts greater control but without the unintended consequences that, for example, an unwitting deletion request could have on a consumer's smooth receipt of financial services. We must also recognize that the states have been running 26 years of experiments. With the results from these laboratories of democracy in hand, it's clear the time is now for a federal standard. Nationwide uniformity will promote competition by lowering barriers to entry created by the current state patchwork, which disincentivizes firms from entering new state markets and competing on price for the ultimate benefit of our consumers. Nationwide uniformity will also give consumers greater choice by making products currently only available in some states available to all. As we consider these and other changes to Gramm-Leach, we must above all be humble as the original authors who knew two key things. One, they could not predict what course technological innovation would take. And secondly, they took a cautious, considered approach that allowed for flexibility and innovation was the best path forward. I urge all of this, all of our members on both sides of the aisle and our work on this subject to use a scalpel, not a sledgehammer. And I really look forward to our panel of witnesses today. I yield back. I recognize the ranking member of the committee, Mrs. Waters, for four minutes for an opening statement.