Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA) today issued the following statement regarding another major data breach potentially impacting millions of credit card holders:

"I learned of the latest data breach from a financial institution that may have to bear the costs of informing customers and issuing new credit cards but they were not told why. This is further evidence of the need for a provision that Democrats pushed for in last year's debate over data security. Mainly, those institutions where breaches have occurred must be identified and they must bear responsibility. Specifically, this means retailers or wholesalers must take responsibility, contrary to what common practice is today."