Sen. Phil Gramm, chairman of the Senate Committee on Banking, Housing and Urban Affairs, has scheduled a full committee hearing for Wednesday, June 9, to explore financial privacy issues.

"The current laws covering banking and securities were written before the Internet became a part of daily life and before the explosion in new technology," Gramm said. "We need to find a balance between consumers' fundamental right to privacy and the technological advances that are benefitting all of us."

The hearing follows up on a pledge made by Gramm during the Senate's consideration of the Financial Services Modernization Act. As part of a package of privacy provisions, Gramm announced "comprehensive hearings" and offered an amendment that includes directives for federal bank regulators to establish grievance procedures for consumers who feel their privacy has been violated. Similar provisions were contained in an amendment offered by Sen. Paul Sarbanes, ranking member of the Senate Banking Committee.Gramm's amendment was approved in a 95-2 vote.

Witnesses for the hearing will be announced at a later date.