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Advances in Technology Through Federal Acts

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Advances in Technology through Federal Acts
Michael Mason
BIS/220
July 29, 2014
ALGIS BASIULIS

Advances in Technology through Federal Acts
The American government does its best to ensure the safety and peace of mind of its citizens. They pass laws and different acts in which they deem to be for the greater good of the populace. While most are hit or miss in present times, there has been some major benefits not only to the American people, but to the technology we use in our jobs today. The Electronic Funds Transfer Act and the Fair Credit Reporting Act are just two examples, however the technological advances brought about by these acts are still in great use today.
The Electronic Funds Transfer Act or EFT was passed in 1978 and signed by President Jimmy Carter. It gave more freedom when it came to banking by making it more accessible while keeping you money safe. The standard writing of checks fell to the new wave of computerized wire transfers. Banks became a little less crowded as there was no need to go directly there to check your account balance. ATMs or Automated Teller Machines exploded across the country providing most of the services the bank provided. Point of Sale registers made business life easier and is still in use today all across the world. Having cash on hand became less and less popular through the introduction of debit cards which allowed you to carry one single card pre-loaded with funds to make purchases, in store or online. The EFT has had a dramatic effect on people and business take care of their money, mostly in a positive light. As technology gets more advanced, the handling of funds electronically will become that much easier and we owe it all to the Electronic Funds Transfer Act.
The Fair Credit Reporting Act aimed to stop the false claims by companies against people to the credit agencies. Passed and signed by President Nixon in 1970, the act allowed the government to look into the numerous complaints that had been filed of false claims on credit. Online credit checks became available and the people had more access to their credit record. It also gave people a chance to view their on credit themselves and protect themselves from identity theft. Companies could no longer benefit by making false claims on a person’s credit to charge for rates in which a person with bad credit would be subject to. Ultimately this allowed more people to make the big purchases they desired which boosted the economy greatly.
It goes without saying that all the benefits these two acts created, more and more challenges and problems sprung up in place of the old ones which were addressed. The brighter the light shines, the darker the shadow becomes. These federal acts may not be perfect but the good outweighs the bad when concerning the advances in information technology and the good of the people.

References
Elizabeth, M. (2014, June). What Is the Electronic Funds Transfer Act? Retrieved from http://www.wisegeek.com/what-is-the-electronic-funds-transfer-act.htm
Evans, K. (Feburary, 2008). Fair Credit Reporting Act Benefits. Retrieved from http://www.ehow.com/info_7759913_fair-credit-reporting-act-benefits.html

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