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Statement of Assistant Secretary for Financial Institutions Wayne A. Abernathy Regarding Committee Approval of FACT Act

(Archived Content)

   

FROM THE OFFICE OF PUBLIC AFFAIRS

JS-601

I wish to applaud the members of the House Financial Services Committee for their dedicated work, approving the Bachus-Hooley-Biggert-Moore bill, the Fair and Accurate Credit Transactions Act of 2003, by a vote of 61-3.   Under the leadership of Chairman Oxley and Ranking Member Frank, the committee has acted promptly to take this important step toward ensuring that our national credit system continues to deliver expanded access to credit for all Americans while protecting the accuracy and security of their personal financial information.   Significantly, this bill takes direct aim at the terrible problem of identity theft, giving consumers, financial institutions, and financial regulators powerful tools to fight this problem.

This legislation is timely.   Virtually every day brings news of the growing scope of identity theft.   New estimates suggest that as many as 7 million Americans may have become victims of this crime in the last year.    But the real tragedy is the way this crime disrupts the life of each one of its victims.   The tools in this legislation will strengthen the fight against identity theft.

In its current form, the Act incorporates many of the elements of the Administration proposal announced by Secretary Snow on June 30.  I am heartened that this strong vote sets the stage for enacting this important package this year.   The needs it addresses call for it.   We look forward to continuing to work with the Congress in the legislative refinement process as the bill moves on to consideration by the full House of Representatives and by the Senate. 

 

 

 

 
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