Control Your Personal Credit Information Act of 2018

Mr. President, tonight in the State of the Union Address, President Trump will discuss the importance of infrastructure investment. This is an important conversation for the administration to lead because our Nation's infrastructure is in need of an overhaul. Having the support of the administration provides us tremendous opportunity to revamp the way we prioritize and fund our Nation's infrastructure.

As a member of the Senate Environment and Public Works Committee, I understand the importance of infrastructure investment. Since I came to Congress, I have been a constant advocate for increased investment, particularly for our Nation's water resources. Last Congress, I supported the passage of the Water Infrastructure Improvement for the Nation Act, as well as a comprehensive highway bill, the Fixing America's Surface Transportation Act. Passing these pieces of legislation was a major step forward, but only a step in the process. There is still more to be done, and I am looking forward to the opportunity to make critical infrastructure investments this Congress.

Like many Americans, I am encouraged by the President's commitment to improving our Nation's crumbling infrastructure. Looking at the example set by President Dwight Eisenhower and the establishment of the Interstate Highway System, it is clear that infrastructure investment boosts our economy, creates immediate jobs, and produces decades of economic prosperity and opportunity.

Unfortunately, since President Eisenhower signed the Federal-Aid Highway Act of 1956, we have relied on a fix-as-fail approach to our Nation's infrastructure. Not only is this approach more expensive, increasingly causing delays to commerce, but it also poses a risk to public safety. By ensuring that our roads, bridges, and water systems meet an American standard for excellence, we can save many lives. In water infrastructure funding alone, the United States faces a shortfall of over $500 billion, which includes drinking water, wastewater, storm water, and water supply projects. This funding shortage is reflected in the American Society of Civil Engineers' overall grade for America's infrastructure, which is a D-plus. This is not a rural issue or a big city issue. It is not a red State problem or a blue State problem. This is a national emergency, one where we can find bipartisan support.

We can, and must, work together to provide all Americans with safe and reliable drinking water and effective wastewater and storm water treatment. Access to safe and clean water is critical to the livelihood of every American.

Senator Booker and I am introducing commonsense legislation that will revolutionize the way we invest in needed water infrastructure. The Securing Required Funding for Water Infrastructure Now--or SRF WIN--Act takes the best of State revolving funds, SRFs, and combines them with the best of the Water Infrastructure Finance and Innovation Act, better known as WIFIA.

The SRF WIN Act creates a significant pot of money within the WIFIA Program that is available only to SRFs. Further, the bill allows State SRFs to bundle their priority drinking water and wastewater projects together and make a single loan request. This dramatically increases the availability of SRF funding to communities across the Nation while substantially reducing the time and related costs for completing projects.

Because all 50 State SRFs have a triple A bond rating, they have a very low risk of default, less than one-half of 1 percent. This, combined with the leveraging power of WIFIA, has given the SRF WIN Act the leveraging capacity of an incredible 100 to 1, according to technical assistance provided by the EPA's Office of Water.

Simply put, the SRF WIN Act is a critical component to future water infrastructure financing. With a $1 billion investment, the U.S. Government will create over $50 billion in project money.

This is not a handout; this is a loan from the Federal Government to the States that will be paid back over 35 years. The SRF WIN Act gives communities the tools they need to help themselves. Instead of waiting decades for funding, communities will be able to invest in their crumbling water infrastructure now. With 35 years to pay back their loan, ratepayers will avoid harm and not see massive rate spikes.

What the SRF WIN Act does is simple. It combines the efficiency and trust associated with the SRF with the leveraging power of WIFIA. This legislation makes the process easier and more affordable for States and communities to access Federal water infrastructure funding. I encourage my colleagues who support the SRF, WIFIA, and more funding for water infrastructure projects in rural communities and big cities alike to cosponsor the SRF WIN Act.

This has been a monumental effort of bipartisan work. Senator Booker and I have been working for months to meet with everyone in the water industry to ensure that our bill helps people all over the country, in communities both big and small. This bill is the result of months of negotiations, taking the best ideas available to ensure this commonsense, bipartisan legislation will work effectively and efficiently, providing billions in project dollars to communities that have traditionally not had access to these types of funds.

I would like to specifically thank the EPA Office of Water, the Council of Infrastructure Financing Authorities, the American Water Works Association, the Water Environment Federation, and the Association of Metropolitan Water Agencies for providing us technical assistance to ensure that we preserve the WIFIA and SRF Programs.

The fact is, communities need every possible funding tool at their disposal, and this bill is another great tool that will work with the WIFIA and SRF Programs.

The SRF WIN Act has strong support from rural and municipal water and

wastewater organizations. This landmark legislation also has the support of our Nation's leading construction, engineering, labor, and manufacturing organizations, including the National Rural Water Association, the Council of Infrastructure Financing Authorities, the American Society of Civil Engineers, the Associated General Contractors of America, the American Council of Engineering Companies, the National Association of Clean Water Agencies, Ducks Unlimited, the American Public Works Association, the Rural Community Assistance Partnership, the Water Systems Council, the International Union of Operating Engineers, the Vinyl Institute, the Hydraulic Institute, and the California Association of Sanitation Agencies.

Congress needs to do a better job of providing basic public services, such as safe roads, bridges, and an up-to-date water infrastructure system. This is the time to act to make water infrastructure investment a priority.

With innovative financing and private sector investment, not only will we be providing Americans with basic water infrastructure, but we will also be creating jobs, keeping commodity and utility prices low, and remaining competitive on the global stage.

We can no longer kick the can down the road and ignore our infrastructure problems. It is time for the United States to be realistic about its water problems and start investing in water infrastructure today.

I ask my colleagues to join Senator Booker and me in supporting significant new investment in our Nation's water infrastructure and to cosponsor the SRF WIN Act today.

Today, I am introducing the Control Your Personal Credit Information Act, which seeks to give consumers greater control over when and how their consumer reports are shared by consumer reporting agencies.

Under existing law, the current consumer reporting system is backwards. Consumer reporting agencies collect vast amounts of personal information on consumers, often without our knowledge, in order to compile consumer reports. These reports are then shared with financial institutions and others without our consent in all cases.

In the wake of Equifax's failure to secure troves of valuable personally identifiable information it collected on over 145 million Americans, it is clear that this system must change. Indeed, the National Consumer Law Center's

Chi Chi Wu stated in her October 2017 testimony before the House Financial Services Committee that the Equifax breach ``means half of the US population and nearly three-quarters of the consumers with active credit reports are now at risk of identity theft due to one of the worst--if not the worst--breaches of consumer data in American history. These Americans are at risk of having false new credit accounts, phony tax returns, and even spurious medical bills incurred in their good names.'' To make matters worse, the risks of identity fraud may not dissipate over time because as Ed Mierzwinski, U.S. PIRG's Federal Consumer Program Director, points out ``unlike credit card numbers, your Social Security umber and Date of Birth don't change and may even grow more valuable over time, like gold in a bank vault. Much worse, they are the keys to `new account identity theft.'''

My legislation attempts to address these concerns and fix the current upside down system by giving consumers greater control, at no cost to the consumer, over when and how their consumer reports are released when applying for new credit, a loan, or insurance. Under my legislation, consumer reporting agencies must confirm a consumer's identity and obtain their written authorization before releasing consumer reports in the instances that are especially vulnerable to identity theft and fraud. In addition, my bill requires every consumer reporting agency to take appropriate steps to prevent unauthorized access to the consumer reports and personal information they maintain. These steps are designed to make it tougher for criminals to fraudulently open new credit or insurance accounts in other people's names.

I urge my colleagues to cosponsor this commonsense legislative effort, and I thank the National Consumer Law Center (on behalf of its low-income clients), U.S. PIRG, Americans for Financial Reform, Public Citizen, Consumer Federation of America, and Consumers Union for their support.

Today, I am introducing the Control Your Personal Credit Information Act, which seeks to give consumers greater control over when and how their consumer reports are shared by consumer reporting agencies.

Under existing law, the current consumer reporting system is backwards. Consumer reporting agencies collect vast amounts of personal information on consumers, often without our knowledge, in order to compile consumer reports. These reports are then shared with financial institutions and others without our consent in all cases.

In the wake of Equifax's failure to secure troves of valuable personally identifiable information it collected on over 145 million Americans, it is clear that this system must change. Indeed, the National Consumer Law Center's

Chi Chi Wu stated in her October 2017 testimony before the House Financial Services Committee that the Equifax breach ``means half of the US population and nearly three-quarters of the consumers with active credit reports are now at risk of identity theft due to one of the worst--if not the worst--breaches of consumer data in American history. These Americans are at risk of having false new credit accounts, phony tax returns, and even spurious medical bills incurred in their good names.'' To make matters worse, the risks of identity fraud may not dissipate over time because as Ed Mierzwinski, U.S. PIRG's Federal Consumer Program Director, points out ``unlike credit card numbers, your Social Security umber and Date of Birth don't change and may even grow more valuable over time, like gold in a bank vault. Much worse, they are the keys to `new account identity theft.'''

My legislation attempts to address these concerns and fix the current upside down system by giving consumers greater control, at no cost to the consumer, over when and how their consumer reports are released when applying for new credit, a loan, or insurance. Under my legislation, consumer reporting agencies must confirm a consumer's identity and obtain their written authorization before releasing consumer reports in the instances that are especially vulnerable to identity theft and fraud. In addition, my bill requires every consumer reporting agency to take appropriate steps to prevent unauthorized access to the consumer reports and personal information they maintain. These steps are designed to make it tougher for criminals to fraudulently open new credit or insurance accounts in other people's names.

I urge my colleagues to cosponsor this commonsense legislative effort, and I thank the National Consumer Law Center (on behalf of its low-income clients), U.S. PIRG, Americans for Financial Reform, Public Citizen, Consumer Federation of America, and Consumers Union for their support.