Democrats in the Senate and House proposed new legislation Tuesday that would impose substantial, mandatory fines for breaches at credit bureaus.
Driving the news: The bill — proposed by Sens. Elizabeth Warren (D-Mass.) and Mark Warner (D-Va.), and Reps. Elijah Cummings (D-Md.) and Raja Krishnamoorthi (D-Il.) — is a response to the massive 2017 Equifax breach. If it was in effect at the time of the breach, the proposed legislation would have fined Equifax at least $1.5 billion, by the lawmakers' tally.