AFSA was invited to the White House to witness President George W. Bush sign the Identity Theft Penalty Enhancement Act in to law on July 15, 2004.

Bill Himpler, AFSA's Senior Vice President of Federal Government Affairs, Tom Hallman, CIT's Vice Chairman & Group CEO, Specialty Finance and John Collingwood, MBNA's Senior Vice President all attended the Presidential bill signing.

Among other things, the Identity Theft Penalty Enhancement Act will:

• Amend the federal criminal code to establish a new crime category and penalties for "aggravated identity theft," defined as the use of a stolen identity to commit certain crimes.

• Require individuals convicted of aggravated identity theft to receive an additional mandatory two-year prison sentence beyond penalties for the original felony. Those convicted of aggravated identity theft to commit an act of terrorism will receive an additional five-year prison sentence.

• Makes the wrongful use of an individual's Social Security number to obtain federal benefits (such as Social Security, Medicare, etc.) an aggravated identity theft.