(Archived Content)
FROM THE OFFICE OF PUBLIC AFFAIRS
JS-571
Chairman Spencer Bachus, Congresswoman Darlene Hooley, and the cosponsors of the Fair and Accurate Credit Transactions Act of 2003, are to be congratulated for the approval of their bill today by the House Subcommittee on Financial Institutions and Consumer Credit.
The 41 to 0 vote demonstrates not only that they worked hard to get a lot of support, but that they produced a bill worthy of that support. This is a major piece of legislation, incorporating among its provisions in substance the elements of the Administration proposal announced by Secretary Snow on June 30. We look forward to continuing to work with the Congress as the bill moves on to consideration by the full Committee.
This prompt legislative action should serve to reassure consumers all across the country that vital action is being taken this year to improve the accuracy and security of their financial information-particularly in the fight against identity theft-while continuing to expand access to financial services for all Americans.