Following the widespread news coverage of the Equifax data breach, which entailed the theft of millions of Americans' personal data, left-wing experts argued that consumers should freeze their credit. Senator Elizabeth Warren, realizing that this would be the perfect moment to capitalize on public outrage, proposed the “Free Act.” If passed, the bill would not only impose damaging regulations on the consumer credit industry, it would also compel affected firms to start providing a range of services, including credit freezes, at no cost to consumers.  Rather than be tempted by the allure of Sen. Warren’s proposed legislation, people should realize that the most preferable outcome for average Americans would probably occur if the government simply left the consumer credit industry to its own devices, and that isn’t just a conjectural notion—it’s exactly what happened during Ronald Reagan’s presidency. Some of the most fruitful years that the American economy ever experienced took place during Reagan’s tenure because, among other things, Reagan was a relentless opponent of needless and cumbersome consumer credit regulations.

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