A bill to create an Office of Cybersecurity at the Federal Trade Commission for supervision of data security at consumer reporting agencies, to require the promulgation of regulations establishing standards for effective cybersecurity at consumer reporting agencies, to impose penalties on credit reporting agencies for cybersecurity breaches that put sensitive consumer data at risk, and for other purposes.

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Bill 118 s 5449, also known as the "Office of Cybersecurity Enhancement Act," aims to establish an Office of Cybersecurity within the Federal Trade Commission (FTC) to oversee data security at consumer reporting agencies. The bill requires the FTC to create regulations that set standards for effective cybersecurity practices at these agencies.

One of the key provisions of the bill is the imposition of penalties on credit reporting agencies that experience cybersecurity breaches that jeopardize sensitive consumer data. These penalties are intended to hold agencies accountable for maintaining high levels of cybersecurity and protecting consumer information.

Overall, the goal of Bill 118 s 5449 is to enhance cybersecurity measures within consumer reporting agencies and ensure that sensitive consumer data is safeguarded against potential breaches. The bill seeks to promote accountability and responsibility among credit reporting agencies in order to better protect consumers' personal information.