FROM THE OFFICE OF PUBLIC AFFAIRS

“I wish to congratulate Chairman Shelby, Ranking Member Sarbanes, and the members of the Senate Banking Committee for their expeditious work, approving the National Consumer Credit Reporting System Improvement Act of 2003.  This unified action of the Committee on this important legislation is a key milestone toward achieving our shared objective, announced by Secretary Snow on June 30, to ensure 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.  Of particular significance is the prominent attention in the legislation to fighting the scourge of identity theft.

“As the Federal Trade Commission recently reported, approximately 10 million Americans have become victims of identity theft in the past year, at a direct cost to these victims of $5 billion, with a cost of $50 billion to businesses—a further cost born by all  their customers and the people who invest in these businesses.

“The Committee action was timely, greatly increasing the likelihood that our nation’s financial information system will be preserved and strengthened this year as a tool against identity theft and as a means of broadening access to financial services for people throughout the nation.  We look forward to continuing to work with the Senate in the legislative refinement process as the bill moves on to consideration on the Senate floor.”