Political Quotes

“I thank the Senator. Unless this bipartisan bill becomes law, many small businesses for which identity theft is not a threat could be required to spend time and effort to comply with the red flags rule implementing the FACT Act. This could require them to take time away from growing their businesses and creating jobs. Small businesses are the economic driver of our country, and in a time of high unemployment and stagnant economic growth, businesses should be focused on job creation, and should not have to spend the money to comply with regulatory burdens disproportionate to the scope of the identity theft problem. This bill would address what the chairman of the FTC, Jon Leibowitz, called 'the unintended consequences of the legislation establishing the red flags rule.' While this list isn't exclusive, many small businesses such as doctor's and dentist's offices, pharmacies, veterinary clinics, accounting offices, and other types of health care providers and other service providers were classified as 'creditors' because they sometimes let clients pay after they provide their services. This legislation makes clear that these small businesses should not be swept under the red flags rule in the future just because they allow payment to be deferred, when they don't offer or maintain accounts that pose a reasonably foreseeable risk of identity theft.”