Democrats Unveil Bill on Credit Agency Breaches Like Equifax’s (1)

Equifax Inc. and other large credit reporting agencies would face mandatory penalties for consumer data breaches under a bicameral Democratic bill.

The agencies could face fines of $100 for each person who had one piece of personal information compromised, and an additional $50 for each additional piece of information compromised, under the legislation by Democratic presidential contender Elizabeth Warren (D-Mass.), Sen. Mark Warner (D-Va.), and Reps. Elijah Cummings (D-Md.) and Raja Krishnamoorthi (D-Ill.).

The bill comes as lawmakers increasingly are focused on data privacy issues. Equifax would have had to pay at least $1.5 billion in penalties for its 2017 ...