Sen. Reed Calls For Federal Probe Of Equifax After Data Breach

Sep 13, 2017

U.S. Sen. Jack Reed of Rhode Island is among a bipartisan group calling for a federal probe of the credit agency Equifax.

A total of 36 senators want the Justice Department, the Securities and Exchange Commission, and the Federal Trade Commission to investigate the company.

The senators point to how high-level Equifax executives sold nearly $2 million in company securities after learning of a massive data breach.

The company has said the executives were not informed of the breach before selling the securities.

Reed says the credit agency no longer deserves the trust of Americans.

“I don’t think that Equifax yet has got a full understanding of the scope and the dimension,” Reed said. “The estimates we’ve received in terms of Rhode Islanders is roughly half the state – 500,000 people potentially – have had some type of information compromised.”

To find out how consumers can protect themselves, Reed recommends visiting the web sites of agencies like the Consumer Financial Protection Bureau.