President Bush signed the renewal of the Fair Credit Reporting Act (FCRA) on December 4, 2003. The legislation (H.R. 2622, H.R. 1753) renews the current federal credit reporting preemptions that form the basis of the national credit reporting system, allowing insurers to be governed by a single set of guidelines rather than various rules adopted by the states. Bush called it a "good, solid piece of legislation."