July 20, 2005

Pryce: Greenspan Discusses Effect
of Data Breaches on Health of the Economy

Washington, DC - Congresswoman Deborah Pryce (R-Upper Arlington) released the following statement today after hearing the testimony of Federal Reserve Chairman Alan Greenspan during a meeting of the House Financial Services Committee. Greenspan was on Capitol Hill to deliver his semi-annual report on the economy.

“Chairman Greenspan's view that the economy is on solid ground and should continue a sustained expansion is validation of the economic policies put forth by House Republicans. We continue to push programs that will create jobs and spur economic activity while practicing fiscal discipline,” said Pryce. “Rising retail sales, lower unemployment and a shrinking deficit are all positive indicators of the strength of our economy.”

Pryce went on to discuss the recent increase in data breaches and their effect on the economy: “I am concerned that data security breaches will erode consumer confidence, especially in our payment systems. With the economy on solid footing, we need to focus more energy on protecting consumers and their private information. I am confident in the Federal Reserve's sense of urgency and support of standards for securing personal information.”