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WASHINGTON-The House Financial Institutions and Consumer Credit Subcommittee held a hearing last week on data security legislation. Representatives Steve LaTourette (R-Ohio), Darlene Hooley (D-Ore.), Michael Castle (R-Del.), Domestic and International Monetary Policy Subcommittee Chairman Deborah Pryce (R-Ohio), and Dennis Moore (D-Kan.) introduced H.R. 3997, the Financial Data Protection Act of 2005, Oct. 6. The bill would establish a national standard to protect sensitive consumer information; require institutions to notify consumers of security breaches of sensitive information that could be used to commit fraud; and require financial institutions to offer six months of free, nationwide credit monitoring upon notification of a breach. Subcommittee Chairman Spencer Bachus (R-Ala.) said, “During the past several years, the Committee has passed various pieces of legislation addressing aspects of the identity theft issue. Most importantly, the FACT Act contained provisions not only preventing identity theft but giving victims added protections and remedies. This week, we will consider data security legislation, which will give Americans further consumer protections against credit card fraud, identity theft and release of confidential information. Representatives LaTourette, Hooley, Castle, Pryce, and Moore are to be commended for drafting bipartisan, consumer friendly legislation to address data security issues, and we look forward to moving this bill forward.”

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