Donald Riegle: “I want to commend and compliment the Senators from Nevada and Missouri for their bipartisan effort on this legislation.…”

“I want to commend and compliment the Senators from Nevada and Missouri for their bipartisan effort on this legislation. I am pleased that the Senate is considering S. 783, the Consumer Reporting Reform Act of 1994. This is one of the most important pieces of consumer legislation that this Senate will consider this Congress, and I urge its swift passage. The bill contains a comprehensive package of amendments designed to modernize the Fair Credit Reporting Act. I am proud to have been an original cosponsor of this legislation with Senators Bryan and Bond. And I want to again commend them for their important leadership in this area. Together with Senators D'Amato and others on the Banking Committee, we worked on a bipartisan basis to craft this important legislation. The committee reported the bill out favorably by a vote of 15 to 4, a strong bipartisan basis of support. The Fair Credit Reporting Act was enacted in 1970 to regulate the credit reporting industry. The act has been amended only once since its passage, and is now I must say badly outdated.”