Ehrlich on Washington column, January 1, 2001

MEWS FROM Robert L. Ehrlich, Jr. Second Congressional District of Maryland 1 407 York Road, Suite 304 315 Cannon House Office Building Lutherville, Maryland 2 1 093 Washington, D.C. 205 1 5 EHRLICH ON WASHINGTON Week of January 1 , 200 1 By Congressman Robert L. Ehrlich, Jr. Commerce Committee Successes in the 106"' Congress The just completed 106th Congress marked my first term as a member of the influential Commerce Committee. As a result of this assignment, I had an opportunity to work on a wide variety of important issues impacting the nation and the Second Congressional District. As we look to the new Congress and a new agenda, I thought it appropriate to recognize the Commerce Committee’s many accomplishments over the last two years. Internet From shopping for a mortgage to setting up an IRA account, Congress followed the Commerce Committee’s lead by making online transactions legal and safe through the passage of the Electronic Signatures in Global and National Commerce (E-SIGN) Act. This bill establishes a uniform, legally binding standard for electronic signatures and records. Enacted into law this summer, it allows Americans to rely on electronic signatures and documents with confidence, knowing that all 50 states recognize their validity and accord them full faith and credit under the law. Consumer Safety Vehicle crashes across the nation tragically brought to light safety problems associated with the use of certain Firestone tires on sport utility vehicles. In response, the Commerce Committee acted wisely and swiftly to improve consumer protection by crafting the Transportation Recall Enhancement, Accountability, and Documentation (TREAD) Act. This important new law increases funding to the National Highway Traffic Safety Administration so it can better collect data and investigate possible automobile defects before they result in injuries or deaths. Further, the TREAD Act enhances the reporting requirements of automobile manufacturers, increases civil penalties for violating safety standards, and stiffens criminal penalties for offenders who mislead a federal agency resulting in serious injury or death. Modernizing Financial law American consumers make financial decisions for the 21s1 century, but remain hamstrung by depression-era banking laws. Congress, after many years of protracted debate, improved matters by enacting historic banking reform legislation to provide for more competition in the financial services sector while protecting consumers’ privacy. As a result, financial institutions will be able to offer a wide range of products and services to consumers.