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WASHINGTON--House Financial Services Committee Ranking Member Barney Frank today appointed Rep. Darlene Hooley (D-Ore.) to chair a newly created task force that will investigate the exploding problem of identity theft, the fastest-growing white-collar crime in America, and other financial crimes.
The task force will be composed of select Democrats from the Financial Services Committee, including the ranking member of each of its subcommittees. As the Task Force’s chairperson, Rep. Hooley will be the lead Democratic negotiator with the Committee’s Republican members and the Bush Administration in crafting a bipartisan bill that would curb identity theft and fight other similar financial crimes.
More than 160,000 consumers reported being victims of identity fraud last year, according to the Federal Trade Commission (FTC). Identity theft occurs when a consumer’s social security number, credit card number, or name is used without his or her knowledge to open fraudulent credit, telecommunications, or utility accounts—or to use already existing accounts. It can also occur when an individual’s name is used unknowingly to pass bad checks, or to get loans, jobs, or obtain housing.
This crime potentially affects every consumer and all sectors of the financial services industry including financial institutions, credit card companies, insurance companies, mortgage companies and hospitals.
The theft can be carried out over the telephone, by computer hacking into an individual’s confidential files, or by stealing hard copies of a company’s billing information. The victim of the theft usually doesn’t realize the information has been stolen until some time later. As a result these crimes could be used to support terrorism, among other criminal activities.
“I am delighted Rep. Hooley has agreed to undertake this important task,” Rep. Frank said. “Her experience with financial institution issues and her prior sponsorship of House legislation to fight ID theft make her the logical choice to lead this cross-jurisdictional task force.” Rep. Hooley was first elected to serve in the 105th Congress. She is a member of the Committee’s Financial Institutions subcommittee, as well as the Capital Markets, Insurance, and Government Sponsored Enterprises subcommittee. She also serves on the House Budget Committee and the Veterans Affairs Committee.
-30- The Committee oversees all components of the nation’s housing and financial services sectors including banking, insurance, real estate, public and assisted housing, and securities. The Committee continually reviews the laws and programs relating to the U.S. Department of Housing and Urban Development, the Federal Reserve Bank, the Federal Deposit Insurance Corporation, Fannie Mae and Freddie Mac, and international development and finance agencies such as the World Bank and the International Monetary Fund. The Committee also ensures enforcement of housing and consumer protection laws such as the U.S. Housing Act, the Truth In Lending Act, the Housing and Community Development Act, the Fair Credit Reporting Act, the Real Estate Settlement Procedures Act, the Community Reinvestment Act, and financial privacy laws.
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