May 10, 2006
JS-4249

Statement of Treasury Secretary John W. Snow
On Protecting Americans from Identity Theft

"Perhaps the most serious threat to financial consumers today is identity theft. Identity thieves are clever, adaptable, and heartless. Indeed, many identity thieves specifically target the most vulnerable members of society - families of the recently deceased, seniors, hospital patients, and men and women serving our nation overseas. The effects don't stop with a few unauthorized charges. A ruined credit history can be an unbearable burden that lasts for years. They are a threat to individual Americans and a threat to our progressive and open economy.

"President Bush recognized from the beginning the need for his Administration to act quickly to address this problem. Today, the President signed an executive order that creates the Nation's first ever Identity Theft Task Force. This task force will marshal the resources of the federal government to crack down on the criminals who traffic in stolen identities, and protect American families from this devastating crime.

"Treasury has been working hard to fulfill the President's call to action and protect Americans' financial assets. In just the past few months we have distributed approximately 200,000 free educational DVDs across the country to help Americans learn about identity theft, how they can protect themselves, and what they should do if they think someone is attacking their information.

"The Fair and Accurate Credit Act, signed by President Bush in 2003, has helped teach Americans how to protect their assets by giving them easier access to spot unauthorized activity on their credit information and by allowing businesses to move quickly to identify the criminals at work. President Bush's leadership on this issue has provided Americans the needed tools to keep informed and to protect their financial information. His efforts today remind us that no matter where or when, we must remain constantly alert and work together to prevent this crime from ruining more lives."

For more information check out Treasury's Identity Theft Resource page at: http://www.treas.gov/offices/domestic-finance/financial-institution/cip/identity-theft.shtml