July 29, 2015

Senate committee approves cybersecurity bill

The Senate Homeland Security and Governmental Affairs Committee on Wednesday marked up and approved S. 1869, the "Federal Cybersecurity Enhancement Act," which is aimed at protecting sensitive government-held data in the wake of the data breaches at the IRS and Office of Personnel Management.

The bill would accelerate the adoption by all government agencies of the EINSTEIN program, which detects and prevents data security threats. More than half of all agencies have yet to adopt the system fully.

Another NAFCU-backed bill was tabled until the committee's next business meeting in September: S. 1607, the "Independent Agency Regulatory Analysis Act," which would authorize the president to require an independent regulatory agency to comply with some regulatory analysis, publish an assessment of the costs and benefits of any proposed economically significant rule, and review economically significant rules.

NAFCU continues to work with lawmakers to push for regulatory relief – especially in the areas highlighted by NAFCU's updated five-point plan for regulatory relief and its "top ten" list of regulations that should be amended or eliminated.