However, Schwarzenegger seems to be convinced that the current policies are more than enough:
this bill attempts to legislate in an area where the marketplace has already assigned responsibilities and liabilities that provide for the protection of consumers. In addition, the Payment Card Industry has already established minimum data security standards when storing, processing, or transmitting credit or debit cardholder information.[…]
I encourage the author and the industry to work together on a more balanced legislative approach that addresses the concerns outlined above.”
The bill might still be turned into law (thus overriding the Governor’s veto) if a two-thirds majority from each house would to vote for it. Still, up till now there’s been no sign that things would go this way.