On the recordMay 4, 2010
I have filed an amendment to the Wall Street reform bill before us that would remove one barrier between the unemployed and a job. Forty-seven percent of employers use credit reports to screen at least some potential hires, according to the Society for Human Resource Management. Thirteen percent of employers checked the credit history of all hires. Unfortunately, many of our country's 15 million unemployed are facing more challenges than ever. For instance, some have seen their credit drop precipitously as a result of the economic downturn. In some cases, their credit history is affecting their ability to find employment. My amendment would prohibit employers from using a consumer credit report as a condition of employment. It would impact potential hires and current workers. Put simply, an employer would not be able to hire or fire someone based upon their credit history. I certainly understand that some jobs require workers to display a pattern of financial responsibility. To that end, my amendment would exempt those applying for the following: Positions at financial institutions, including banks and credit unions, that require substantive work with customer accounts and funds; jobs that require a national security or Federal Deposit Insurance Corporation clearance; State or local government jobs that otherwise require a credit report; and, positions otherwise requiring credit checks by law.
