WASHINGTON, DC – Today, U.S. Senator Jack Reed, (D-RI), a senior member of the
Senate Banking Committee, questioned the Trump Administration’s reported efforts to slow the Consumer
Financial Protection Bureau’s (CFPB) investigation into the Equifax data breach
scandal that affected more than 140 million consumers.
“There are over 140 million reasons to hold
Equifax accountable for endangering consumers, but the Trump Administration
doesn’t seem interested in moving quickly to protect a single consumer,” stated
Reed, who noted that nearly half of all Americans may have had their personal
data compromised by the credit-reporting company Equifax Inc.
“Equifax appears to have recklessly
compromised half the country’s personal data. Now, according to reports,
the Trump Administration is slow walking a thorough investigation into
Equifax. This fits a troubling pattern of the Trump Administration
putting the interests of big financial corporations above the rights of
“Congress should look into these reports that
OMB Director Mulvaney is not prioritizing the protection of consumers and work
together to strengthen data security laws and protect hardworking Americans
from being ripped off by hackers and corporate wrongdoers.”
In an effort to strengthen consumer credit
reporting rights, Reed recently introduced the Control Your Personal Credit Information Act (S. 2362), which seeks to give consumers greater control over
when and how their consumer reports are shared by consumer reporting agencies.