Donald Riegle: “I also want to express my full support for the bipartisan managers' amendment developed with Senators Bond and Bryan.…”

“I also want to express my full support for the bipartisan managers' amendment developed with Senators Bond and Bryan. This amendment improves the bill in several areas. In the area of liability, it ensures that providers of information are not held to a perfection standard, shielding them from private causes of action for initially furnishing inaccurate information to credit bureaus. At the same time, the amendment clarifies that private remedies are available if the provider of the information fails to properly address a mistake once the issue has been raised. At the same time, it provides a 5-year sunset on the provisions of the bill and preempts State law. I believe this sunset reflects a reasonable compromise between the need for uniformity and the maintenance of effective consumer protection and credit reporting. At the same time, I urge my colleagues to join in opposing any efforts to further preempt state credit reporting statutes. Credit reporting is an area of swift technological change. I think we have to be careful not to infringe upon the rights of States to respond and properly protect their citizens. The managers' amendment substantially improves the legislation. I support it and support its adoption. Let me conclude by saying that Senator Bryan of Nevada and Senator Bond of Missouri have given great effort and leadership on a bipartisan basis to this important area of legislative focus that brings us here today. I thank them for that work.”