"[I]f you ask them to just provide a scintilla of information on what privacy rights they have ... the banks say, 'Oh no, that's too expensive, we can't do that,' " he said.
Rep. Joe Barton (R-Texas) said he believes the annual notice should be kept to ensure banks don't take other steps at eroding the rights of their customers.
"When you start down that slippery slope that you know you don't have to notify privacy protection, the next step is to not even have privacy at all," Barton said.
The bill is likely to be passed on Tuesday under a suspension of the rules, which requires a two-thirds majority vote. The bill might have been approved by voice vote, but Sherman asked for a roll call vote to create another roll call vote on Tuesday, which he called an "act of collegiality, showing that I think we ought to spend more time with each other."
Soon after debate ended, the House adjourned early in order for members to attend the White House Congressional Ball tonight.