[Congressional Record (Bound Edition), Volume 149 (2003), Part 16]
[Extensions of Remarks]
[Page 21928]
[From the U.S. Government Publishing Office, www.gpo.gov]




           FAIR AND ACCURATE CREDIT TRANSACTIONS ACT OF 2003

                                 ______
                                 

                               speech of

                          HON. EARL BLUMENAUER

                               of oregon

                    in the house of representatives

                     Wednesday, September 10, 2003

       The House in Committee of the Whole House on the State of 
     the Union had under consideration the bill (H.R. 2622) to 
     amend the Fair Credit Reporting Act, to prevent identity 
     theft, improve resolution of consumer disputes, improve the 
     accuracy of consumer records, make improvements in the use 
     of, and consumer access to, credit information, and for other 
     purposes:

  Mr. BLUMENAUER. Mr. Chairman, quick, effective, and accurate exchange 
of information is critical to our current financial system. Technology 
has improved this information exchange, which benefits both businesses 
and consumers.
  However, technological reliance has also led to credit report 
inaccuracies and instances of identity theft that have hurt consumers 
in Oregon and across the nation. According to a recent Federal Trade 
Commission report, 10 million Americans were victims of identity theft 
last year at a cost of $5 billion to them and $48 billion to 
businesses.
  Oregon is one of most states that do not have laws that protect 
consumers from identity theft and this bill will greatly benefit my 
constituents. It is essential that we protect consumers from identity 
theft and other abuses and ensure credit reports are accurate and 
accessible. I support the Fair and Accurate Credit Transactions Act 
which will do just that.
  However, I am concerned about the ability and commitment to 
strengthening consumer protections as time goes on. This bill pre-empts 
state laws, which in some instances may be stronger than this 
legislation, and will prevent states from passing stronger consumer 
protections in the areas of privacy and identity theft. I worry that by 
passing good legislation that raises the bar for privacy standards, we 
may actually be creating a ceiling for future improvements. I supported 
an amendment to sunset this legislation so that Congress will be forced 
to revisit its effectiveness and fairness for consumers.

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