Missouri Congressman Blaine Luetkemeyer is crafting a bill to legislation that would clarify and codify the obligations of financial companies to report data breaches, according to a report by Bloomberg Law.

This is a second attempt by Luetkemeyer to draft a framework meant to ensure that consumers whose data has been breached are notified in a full and timely manner.

Previously submitted legislation was criticized by consumer groups because it exempted institutions that were already covered by the privacy rules in the Gramm-Leach-Bliley Financial Services Modernization Act of 1999.

The Safeguards Rule in the 1999 act requires financial institutions to develop a written information security plan that describes how the company is prepared for, and plans to continue to protect clients' nonpublic personal information.