By Peter Schroeder - 12/30/13 03:41 PM EST
A trio of Democratic senators are calling for congressional hearings into the massive data breach at Target retail stores.
In a letter to the heads of the Senate Banking Committee, they said that the illicit access of credit and debit card data for roughly 40 million Americans nationwide proves the need for a prompt Washington inquiry into the safety of consumer financial data. Sens. Robert MenendezRobert MenendezGMO labeling bill advances in the Senate over Dem objections Overnight Finance: Trump threatens NAFTA withdrawal | Senate poised for crucial Puerto Rico vote | Ryan calls for UK trade deal | Senate Dems block Zika funding deal Menendez rails against Puerto Rico bill for 4 hours on floor MORE (N.J.), Chuck SchumerCharles SchumerConvention shows Democrats support fracking, activists on the fringe Dem ad blasts Indiana senate candidate on Social Security The Trail 2016: Unity at last MORE (N.Y.) and Mark WarnerMark WarnerDemocratic National Convention event calendar Liberal group: Kaine could be 'disastrous' VP pick Buzz grows that Tim Kaine will be Clinton's VP pick MORE (Va.), all members of that panel, signed on to the letter.
Target announced earlier this month that millions of Americans’ financial data was compromised after a massive data breach spanning much of the holiday shopping season.
The senators said the event should drive questions from Congress about whether companies are taking all the needed steps to protect customer information, and whether lawmakers need to consider passing stricter cybersecurity standards.
They also want to hear from financial regulators on what tools they have to fight such tech-savvy thieves, and how they are working with financial companies to fight such breaches, and minimize any resulting damage.