FIRST AIRED: September 15, 2017

Nice work! Enjoy the show!

×

You’re busy. We get it.

Stay on top of the news with our Editor’s Picks newsletter.

US Edition
Intl. Edition
Unsubscribe at any time. One click, it’s gone.

Thanks for signing up!

×

Transcript

00:00:00
>> We're trying to push back.>> US Senator Elizabeth Warren who's built a reputation as America's fierce consumer champion, announcing Friday that she's started an investigation into Equifax and the massive data breach that compromised the personal information of nearly half the country's population. Eleven other Democratic Senators joining Warren, introducing a bill to give consumers the ability to freeze their credit for free.
00:00:24
Reuters correspondent Michelle Price is covering the story.>> The purpose of the legislation, which is actually effectively just an amendment to the existing credit reporting legislation, is to try and give control back to consumers. So essentially you have these three very big credit reporting agencies, which suck up lots of data which they then store and they then sell on to third parties.
00:00:45
And essentially what Warren is saying is that consumers need to have much more control over this process. I think the key thing to recognize here though is that it's actually quite narrow in scope, like the proposal is only 15 pages. And if you really look at it in detail it's sorta striking out one word here from the existing legislation and striking out other words there.
00:01:03
It doesn't fundamentally change the business models of these companies and a lot of the analysts don't really see it sort of being transformative or dramatically denting the bottom line. And for that reason, there's actually an expectation that it will be able to receive bipartisan support, because it's gonna be quite difficult for Republicans, even very hard-line conservative Republicans who have gone after the top consumer financial watchdog.
00:01:27
It's gonna be very hard for them to resist this, given all the public furor. So this thing looks like it has legs.>> Equifax has come under intense pressure from Congress in recent days for what has been described as a slow, inadequate and confusing response to the hack.
00:01:42
Its free credit monitoring offering also criticized for including an arbitration clause that, if agreed to, waived the legal rights of consumers in order to receive fraud monitoring after the breach.