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February 12, 2010

European Lawmakers Reject Financial Data-Sharing with US
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The European Parliament has voted to end a controversial data-sharing
program that’s allowed the US to monitor millions of international
financial transactions. The records have been obtained through SWIFT,
which directs trillions of dollars in international bank transfers each
day. The program has been accused of violating privacy rights since
coming to light in 2006. On Thursday, European Union lawmakers voted 378
to 196 to reject a proposed extension of the program negotiated between
European Union leaders and the United States. The Obama administration
had lobbied heavily for the deal, with top officials including Vice
President Joseph Biden, Secretary of State Hillary Clinton and Treasury
Secretary Timothy Geithner making a series of phone calls to European
officials and parliamentarians.