View or download a PDF of the statement here.
Americans for Financial Reform opposed the four bills discussed in this hearing because they will shield credit reporting agencies from legal accountability, discourage the public reporting of corporate misconduct, and introduce mandatory reporting systems that unfairly penalize lower-wealth people and people of color for missed payments on essential services. Rather than protecting a broken system that weaponizes inaccurate data against everyday people, Congress should work to establish a public credit reporting system and treat credit reporting agencies as public utilities.