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At Equifax Hearing, Financial Services Democrats Secure Second Hearing on Credit Reporting Failures

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Washington, DC, October 5, 2017 | comments

Recognizing that the American public deserves answers and a promise to safeguard their personal identifying information, Financial Services Committee Democrats, led by Ranking Member Maxine Waters (D-CA), used an obscure parliamentary maneuver to demand a Minority Day hearing to continue to discuss the numerous issues with the current credit reporting system and to cast more light on the many negative repercussions of the Equifax breach for millions of Americans. In their letter to Chairman Hensarling all 26 Democratic Members of the Committee wrote:

“Holding this hearing…will provide Members of the Committee and the American public the opportunity to consider and discuss ideas for ensuring the integrity of our country’s consumer reporting system and safeguarding consumer data,” the lawmakers said. “Mr. Chairman, credit reporting agencies play an important role in the lives and financial futures of hardworking Americans. It is our duty, as Members of Congress, to fully examine how these agencies are operating and how they can be improved.”

In April, Financial Services Committee Democrats led a historic Minority Day hearing to further examine how Chairman Hensarling’s Wrong Choice Act would harm consumers, investors and the economy. The hearing featured prominent consumer advocacy experts, including the Honorable Senator Elizabeth Warren (D-MA).

The full text of the letter is below:

The Honorable Jeb Hensarling
Chairman
Committee on Financial Services
U.S. House of Representatives
Washington, DC

Mr. Chairman:

In accordance with Clause 2(j)(1) of Rule XI of the Rules of the House, and Clause (d)(5) of Rule 3 of the Rules of the Committee on Financial Services, we write to notify you of our intent to call additional witnesses selected by Committee Democrats to testify in continuation of the Full Committee hearing entitled, “Examining the Equifax Data Breach.” Holding this hearing, also known as a “minority day hearing,” in addition to the Majority’s hearing on Thursday, October 5, 2017, will provide Members of the Committee and the American public the opportunity to consider and discuss ideas for ensuring the integrity of our country’s consumer reporting system and safeguarding consumer data.

Given the scope of the cybersecurity breach, which has affected approximately 143 million consumers or nearly half the U.S. population, additional testimony from other credit reporting agencies and consumers, businesses, and financial institutions impacted by the breach are in order. Moreover, the hearing will also serve to present the public with policy solutions to the persistent problems plaguing our nation’s credit reporting agencies.

Mr. Chairman, credit reporting agencies play an important role in the lives and financial futures of hardworking Americans. It is our duty, as Member of Congress, to fully examine how these agencies are operating and how they can be improved. That is why Democrats will exercise our right to hold a minority day hearing on the Equifax cybersecurity breach and we look forward to working with you to determine the date, time, and place of such hearing.

Sincerely,

Rep. Maxine Waters, Ranking Member
Rep. Carolyn B. Maloney, Ranking Member, Subcommittee on Capital Markets, Securities and Investment
Rep. Wm. Lacy Clay, Ranking Member, Subcommittee on Financial Institutions and Consumer Credit
Rep. Al Green, Ranking Member, Subcommittee on Oversight and Investigations
Rep. Emanuel Cleaver, Ranking Member, Subcommittee on Housing and Insurance
Rep. Gwen Moore, Ranking Member, Subcommittee on Monetary Policy and Trade
Rep. Ed Perlmutter, Ranking Member, Subcommittee on Terrorism and Illicit Finance
Rep. Nydia M. Velázquez
Rep. Brad Sherman
Rep. Gregory W. Meeks
Rep. Michael E. Capuano
Rep. Stephen F. Lynch
Rep. David Scott
Rep. Keith Ellison
Rep. Jim A. Himes
Rep. Bill Foster
Rep. Daniel T. Kildee
Rep. John K. Delaney
Rep. Kyrsten Sinema
Rep. Joyce Beatty
Rep. Denny Heck
Rep. Juan Vargas
Rep. Josh Gottheimer
Rep. Vicente Gonzalez
Rep. Charlie Crist
Rep. Ruben Kihuen


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