WASHINGTON (1/23/15)--The House subcommittee on commerce, manufacturing and trade will examine what potential data breach legislation should look like in a hearing scheduled for Tuesday.
Subcommittee Chair Rep. Michael Burgess (R-Texas) has said that working toward a federal data breach solution is a top priority for the 114th Congress.
"Data theft is a real and serious threat facing American families. With cybercrimes growing in size and scope by the day, we have a responsibility to improve cyber safeguards," Burgess said in a statement. "We need a plan in place that will help prevent data from being stolen in the first place, and will also alleviate consequences for consumers if hackers are successful. I am encouraged by the president's recent focus on this issue and call for a national standard, and I agree."
The stated goal of the hearing is to determine what elements should be included in federal legislation--legislation that the subcommittee said it hoped will result in uniform standards and better consumer protection.
"We hope that any legislation that is enacted requires merchants to follow the same type of data security standards that credit unions and other financial institutions must follow, enables consumers to be notified in a timely manner and ensures that credit unions are reimbursed for costs they incur as a result of merchant data breaches--all issues CUNA has been voicing to Congress," said Credit Union National Association President/CEO Jim Nussle in response to President Barack Obama's call for data breach notification legislation.
The hearing is scheduled to start at 10 a.m. (ET) Tuesday and will be streamed on the House Energy and Commerce Committee's website.
The full House Financial Services Committee will host a hearing, also at 10 a.m. (ET) Tuesday, titled "Sustainable Housing Finance: An Update from the Director of the Federal Housing Finance Agency."
The hearing is likely to feature agency Director Mel Watt speaking on the future of housing finance, particularly the future of government-sponsored enterprises Fannie Mae and Freddie Mac.