McHenry Introduces the PROTECT Act in Response to Equifax Breach
Washington, October 12, 2017
Today, Chief Deputy Whip Patrick McHenry (R, NC-10), the Vice Chairman of the House Financial Services Committee introduced H.R. 4028, the Promoting Responsible Oversight of Transactions and Examinations of Credit Technology Act of 2017, or the PROTECT Act.
“The Equifax data breach has harmed my constituents in western North Carolina and Americans across the country," said McHenry. "It exposed a major shortcoming in our nation’s cybersecurity laws and Congress must act. The bill I’ve introduced today takes an important first step in providing meaningful reforms to help Americans who have been impacted by this breach. It is focused on prevention, protection, and prohibition.
“It prevents future harm to all Americans by requiring the largest credit reporting agencies to be subjected to the same standards and supervision as the rest of the financial industry," McHenry continued. "It protects Americans by creating a national credit freeze that actually works. Finally, it prohibits the largest credit reporting agencies from continuing to rely upon the most sensitive of Americans’ personal information: our Social Security Numbers.”