President Signs FACTA Legislation into Law

My office just got word from the White House that the President signed H.R. 4008, the Credit and Debit Card Receipt Clarification Act of 2007 into law this morning. As the chief co-sponsor of this bi-partisan bill, I'm pleased to report the good news to you all today.

There's video below of me speaking on the floor, but to give you a quick summary, the purpose of this legislation is to ensure that consumers suffering from credit or identity theft are protected while also limiting abusive lawsuits that result in increased cost to business - especially small businesses - and potentially increased prices to consumers.

This bill amends the Fair Credit Reporting Act with respect to rules for printing an expiration date on certain credit and debit card receipts. This is all part of the Fair and Accurate Credit Tranactions Act of 2003 (FACTA) that was passed to prevent identity theft and credit card fraud. This bill makes the previously passed legislation much more sound, and leaves Americans more secure.