Chamber Welcomes Credit Act Reauthorization

WASHINGTON, D.C. – The United States Chamber of Commerce today hailed Senate lawmakers for reauthorizing the Fair Credit Reporting Act, a move that will protect consumers and give both individuals and businesses greater financial stability and freedom.

"Today's vote, as well as the Senate's decision to turn down several hostile amendments, preserves American consumers' access to credit," said Bruce Josten, Chamber executive vice-president for government affairs. "Renewing the credit rules means that small businesses will have the financing that has been the foundation to our economic growth."

The Fair Credit Reporting Act underpins the nation's consumer economy, providing quick, easy and affordable access to credit to millions of American families, according to the Chamber.

This legislation, among other things, will implement a significant number of steps to combat identity theft and strengthen consumer protection.

The Senate vote avoids what could have been a dangerous lapse in our credit standards. Such a lapse would have made it more difficult for families and small businesses, the backbone of our economic recovery, to obtain credit.

The National Chamber Foundation – the public policy arm of the U.S. Chamber – conducted an independent economic study of the credit system's impact on consumers and employers. Results of the study showed that the national system lowers business costs and protects consumer access to credit.

The U.S. Chamber of Commerce is the world's largest business federation representing more than three million businesses of every size, sector and region.

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