American consumers rightfully expect their personal information should be protected by their Financial Institution by their retailers, payment processors that neither federal government. Consumer should be left to hope and pray that all information will be safe every time despite their debit or credit card or rent your information online. They deserve protection. Today the committee will hear from representatives of organization to constitute major participation for the Payment System. We welcome their expertise and insight. My hope is they carried out for its members on both sides an opportunity to better understand what security measures are currently in place to prevent data breaches, how consumers are notified and what types of emergency technologies will help reduce the frequency and severity of breaches and what steps are being taken by the merchant in Financial Services communities to address the problem and where additional federal legislation may be warranted. I further hope t
Discussion and help move transportation and infrastructure policy forward. Thank you very much, and i look forward to our discussion. Thank you. [ applause ] go ahead and sit in the middle. And rich, if you join us on the end there. Well have some q a here. Well chat a little bit and then time to open it up to some questions from you all in the audience. Thank you both for being here. As i said at the top, a host of issues where the chamber and the aflcio, organized labor do not see eye to eye. I saw mr. Trumka and on this issue there is so much overlap and the question is raised immediately, if organized labor and the Largest Business Group in washington are on the same page, why cant this get done. Maybe ill go to you, rich, first. Whats standing in the way . Youve looked at this issue and battled over this for years. Whats in the way . Its pure politics right now. In the past this was always a bipartisan issue. There was never bickering. Everybody knew that you had to keep the count
Sponsors terrorism all over the world, a country that is developing long range rockets a country that we know has been working on acquiring a Nuclear Weapon capability despite and has always had a secret component to their plan will retain the ability to process uranium. Theres a reduction in centrifuges and in term tz of what they can do, in terms of research and development and the secretary of energy has laid this out clearly. Here the problem. Number one they retain all the infrastructure they wid need to break all those caps. Second enforcing such a deal requires there to be open, full inspections. Iran is saying they will not allow access to military facilities. Thats problematic. The United States does not acknowledge that would be the reality. They said these would be the most Intrusive Inspections yet and they have a year to stop any uranium development. We should never have retreated from the position that iran does not have the right to enrich uranium. We should have insiste
Screeria nigeria. Parliamentary elections, and later a house hearing on the tsa and airport security. Today the House Financial Services Committee Held a hearing on protecting Consumer Financial data, its partly in response to high profile data breaches at banks and retailers. Congressman jeb hence erlg chairs this threehour hearing. [ inaudible ]. Financial Data Security in the age of computer hackers, given that the pa just turned on, it is a testament to the fact to members welcome home. I assume we have many of our colleagues who are furiously running from hvc201 as we speak. For our witnesses and our the audience we have been no mads since the beginning of the year. So you will notice a few changes in the room. This renovation was caused by an upgrade of the audiovisual systems, although i did not specifically request it i saw notice there are twice as many microphones in our hearing room as before. I wish to notify members that does not mean they can speak twice as long. That doe
Standards. In setting minimum standards, we need to be careful not to hamstring our states and federal regulatorss ability to adapt and strengthen protections for consumers. Otherwise, well limit regulatorss ability to keep up with Technology Change and reserve a private right of action for consumers and for Financial Institutions to ensure that affected entities and breach victims have further recourse. Further, consumers must be consistently provided with clear disclosures of the rights and remedies available to them so they are aware of the various ways in which they can protect themselves from Identity Theft and fraud and other cyber crimes. Mr. Chairman efforts to guard against Cyber Threats are critically important and shouldnt deval of into the same partisan fault lines seen on far too many other issues before this committee such as the basis attacks on watchdogs like the cfpd and blocking efforts to reauthorize the charter of the import export bank that expires in 22 legislativ