WASHINGTON, DC - Energy and Commerce Committee Republican Leader Greg Walden (R-OR) released the following statement on the proposed settlement of up to $700 million announced today from the Federal Trade Commission (FTC), Consumer Financial Protection Bureau (CFPB), and 50 states and territories over the massive Equifax data breach in 2017:
“The settlement announced today by the FTC, CFPB, and 50 states and territories is another step forward in the process to help American consumers recover and protect themselves after the Equifax breach. In October 2017, I called the former Equifax CEO to testify before the Energy and Commerce Committee to explain to the American people what went wrong and how we can prevent future breaches. With today’s decision, consumers have access to several options to recover funds for time spent protecting their identity or recovering from identity theft - up to $20,000. We knew there was no silver bullet, because restoring trust takes time. Companies must reexamine their security practices to make sure this type of avoidable event does not happen again. For the public, I encourage everyone to visit ftc.gov/Equifax to learn more about available resources," said Walden.
Background:
Under Walden’s leadership last Congress, the Energy and Commerce Committee investigated Equifax following the unprecedented data breach that compromised the personal data of millions of Americans. Holding hearings, pressing company leaders, and demanding accountability, the Committee led the Congressional response to the Equifax data breach to bring answers to the millions of Americans whose personal information was compromised as a result of this breach.
