[Congressional Record Volume 164, Number 20 (Tuesday, January 30, 2018)]
[Senate]
[Pages S582-S584]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




          STATEMENTS ON INTRODUCED BILLS AND JOINT RESOLUTIONS

      By Mr. REED:
  S. 2362. A bill to amend the Fair Credit Reporting Act to require 
that a consumer authorize the release of certain information; to the 
Committee on Banking, Housing, and Urban Affairs.
  Mr. REED. Today, I am introducing the Control Your Personal Credit 
Information Act, which seeks to give consumers greater control over 
when and how their consumer reports are shared by consumer reporting 
agencies.
  Under existing law, the current consumer reporting system is 
backwards. Consumer reporting agencies collect vast amounts of personal 
information on consumers, often without our knowledge, in order to 
compile consumer reports. These reports are then shared with financial 
institutions and others without our consent in all cases.
  In the wake of Equifax's failure to secure troves of valuable 
personally identifiable information it collected on over 145 million 
Americans, it is clear that this system must change. Indeed, the 
National Consumer Law Center's

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Chi Chi Wu stated in her October 2017 testimony before the House 
Financial Services Committee that the Equifax breach ``means half of 
the US population and nearly three-quarters of the consumers with 
active credit reports are now at risk of identity theft due to one of 
the worst--if not the worst--breaches of consumer data in American 
history. These Americans are at risk of having false new credit 
accounts, phony tax returns, and even spurious medical bills incurred 
in their good names.'' To make matters worse, the risks of identity 
fraud may not dissipate over time because as Ed Mierzwinski, U.S. 
PIRG's Federal Consumer Program Director, points out ``unlike credit 
card numbers, your Social Security umber and Date of Birth don't change 
and may even grow more valuable over time, like gold in a bank vault. 
Much worse, they are the keys to `new account identity theft.'''
  My legislation attempts to address these concerns and fix the current 
upside down system by giving consumers greater control, at no cost to 
the consumer, over when and how their consumer reports are released 
when applying for new credit, a loan, or insurance. Under my 
legislation, consumer reporting agencies must confirm a consumer's 
identity and obtain their written authorization before releasing 
consumer reports in the instances that are especially vulnerable to 
identity theft and fraud. In addition, my bill requires every consumer 
reporting agency to take appropriate steps to prevent unauthorized 
access to the consumer reports and personal information they maintain. 
These steps are designed to make it tougher for criminals to 
fraudulently open new credit or insurance accounts in other people's 
names.
  I urge my colleagues to cosponsor this commonsense legislative 
effort, and I thank the National Consumer Law Center (on behalf of its 
low-income clients), U.S. PIRG, Americans for Financial Reform, Public 
Citizen, Consumer Federation of America, and Consumers Union for their 
support.
                                 ______
                                 
      By Mr. BOOZMAN (for himself, Mr. Booker, Mrs. Feinstein, and Mr. 
        Inhofe):
  S. 2364. A bill to amend the Water Infrastructure Finance and 
Innovation Act of 2014 to provide to State infrastructure financing 
authorities additional opportunities to receive loans under that Act to 
support drinking water and clean water State revolving funds to deliver 
water infrastructure to communities across the United States, and for 
other purposes; to the Committee on Environment and Public Works.
  Mr. BOOZMAN. Mr. President, tonight in the State of the Union 
Address, President Trump will discuss the importance of infrastructure 
investment. This is an important conversation for the administration to 
lead because our Nation's infrastructure is in need of an overhaul. 
Having the support of the administration provides us tremendous 
opportunity to revamp the way we prioritize and fund our Nation's 
infrastructure.
  As a member of the Senate Environment and Public Works Committee, I 
understand the importance of infrastructure investment. Since I came to 
Congress, I have been a constant advocate for increased investment, 
particularly for our Nation's water resources. Last Congress, I 
supported the passage of the Water Infrastructure Improvement for the 
Nation Act, as well as a comprehensive highway bill, the Fixing 
America's Surface Transportation Act. Passing these pieces of 
legislation was a major step forward, but only a step in the process. 
There is still more to be done, and I am looking forward to the 
opportunity to make critical infrastructure investments this Congress.
  Like many Americans, I am encouraged by the President's commitment to 
improving our Nation's crumbling infrastructure. Looking at the example 
set by President Dwight Eisenhower and the establishment of the 
Interstate Highway System, it is clear that infrastructure investment 
boosts our economy, creates immediate jobs, and produces decades of 
economic prosperity and opportunity.
  Unfortunately, since President Eisenhower signed the Federal-Aid 
Highway Act of 1956, we have relied on a fix-as-fail approach to our 
Nation's infrastructure. Not only is this approach more expensive, 
increasingly causing delays to commerce, but it also poses a risk to 
public safety. By ensuring that our roads, bridges, and water systems 
meet an American standard for excellence, we can save many lives. In 
water infrastructure funding alone, the United States faces a shortfall 
of over $500 billion, which includes drinking water, wastewater, storm 
water, and water supply projects. This funding shortage is reflected in 
the American Society of Civil Engineers' overall grade for America's 
infrastructure, which is a D-plus. This is not a rural issue or a big 
city issue. It is not a red State problem or a blue State problem. This 
is a national emergency, one where we can find bipartisan support.
  We can, and must, work together to provide all Americans with safe 
and reliable drinking water and effective wastewater and storm water 
treatment. Access to safe and clean water is critical to the livelihood 
of every American.
  Senator Booker and I am introducing commonsense legislation that will 
revolutionize the way we invest in needed water infrastructure. The 
Securing Required Funding for Water Infrastructure Now--or SRF WIN--Act 
takes the best of State revolving funds, SRFs, and combines them with 
the best of the Water Infrastructure Finance and Innovation Act, better 
known as WIFIA.
  The SRF WIN Act creates a significant pot of money within the WIFIA 
Program that is available only to SRFs. Further, the bill allows State 
SRFs to bundle their priority drinking water and wastewater projects 
together and make a single loan request. This dramatically increases 
the availability of SRF funding to communities across the Nation while 
substantially reducing the time and related costs for completing 
projects.
  Because all 50 State SRFs have a triple A bond rating, they have a 
very low risk of default, less than one-half of 1 percent. This, 
combined with the leveraging power of WIFIA, has given the SRF WIN Act 
the leveraging capacity of an incredible 100 to 1, according to 
technical assistance provided by the EPA's Office of Water.
  Simply put, the SRF WIN Act is a critical component to future water 
infrastructure financing. With a $1 billion investment, the U.S. 
Government will create over $50 billion in project money.
  This is not a handout; this is a loan from the Federal Government to 
the States that will be paid back over 35 years. The SRF WIN Act gives 
communities the tools they need to help themselves. Instead of waiting 
decades for funding, communities will be able to invest in their 
crumbling water infrastructure now. With 35 years to pay back their 
loan, ratepayers will avoid harm and not see massive rate spikes.
  What the SRF WIN Act does is simple. It combines the efficiency and 
trust associated with the SRF with the leveraging power of WIFIA. This 
legislation makes the process easier and more affordable for States and 
communities to access Federal water infrastructure funding. I encourage 
my colleagues who support the SRF, WIFIA, and more funding for water 
infrastructure projects in rural communities and big cities alike to 
cosponsor the SRF WIN Act.
  This has been a monumental effort of bipartisan work. Senator Booker 
and I have been working for months to meet with everyone in the water 
industry to ensure that our bill helps people all over the country, in 
communities both big and small. This bill is the result of months of 
negotiations, taking the best ideas available to ensure this 
commonsense, bipartisan legislation will work effectively and 
efficiently, providing billions in project dollars to communities that 
have traditionally not had access to these types of funds.
  I would like to specifically thank the EPA Office of Water, the 
Council of Infrastructure Financing Authorities, the American Water 
Works Association, the Water Environment Federation, and the 
Association of Metropolitan Water Agencies for providing us technical 
assistance to ensure that we preserve the WIFIA and SRF Programs.
  The fact is, communities need every possible funding tool at their 
disposal, and this bill is another great tool that will work with the 
WIFIA and SRF Programs.
  The SRF WIN Act has strong support from rural and municipal water and

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wastewater organizations. This landmark legislation also has the 
support of our Nation's leading construction, engineering, labor, and 
manufacturing organizations, including the National Rural Water 
Association, the Council of Infrastructure Financing Authorities, the 
American Society of Civil Engineers, the Associated General Contractors 
of America, the American Council of Engineering Companies, the National 
Association of Clean Water Agencies, Ducks Unlimited, the American 
Public Works Association, the Rural Community Assistance Partnership, 
the Water Systems Council, the International Union of Operating 
Engineers, the Vinyl Institute, the Hydraulic Institute, and the 
California Association of Sanitation Agencies.
  Congress needs to do a better job of providing basic public services, 
such as safe roads, bridges, and an up-to-date water infrastructure 
system. This is the time to act to make water infrastructure investment 
a priority.
  With innovative financing and private sector investment, not only 
will we be providing Americans with basic water infrastructure, but we 
will also be creating jobs, keeping commodity and utility prices low, 
and remaining competitive on the global stage.
  We can no longer kick the can down the road and ignore our 
infrastructure problems. It is time for the United States to be 
realistic about its water problems and start investing in water 
infrastructure today.
  I ask my colleagues to join Senator Booker and me in supporting 
significant new investment in our Nation's water infrastructure and to 
cosponsor the SRF WIN Act today.

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