Congresswoman Beatty Promises to Put Consumers First
Flanked by fellow Financial Services Subcommittee Chairs Carolyn Maloney (NY-12) and Al Green (TX-09), U.S. Congresswoman Joyce Beatty (OH-03) joined Financial Services Committee Chairwoman Maxine Waters (CA-43) today at a press conference to introduce the Consumers First Act, H.R. 1500. The bill aims to strengthen the Consumer Financial Protection Bureau and its important mission to protect American consumers and hardworking families.
Unfortunately, the Consumer Financial Protection Bureau has been effectively muzzled by the Trump Administration, halting payments to defrauded consumers and dropping lawsuits against predatory and deceptive lenders. Even going so far as to eliminate the office dedicated to addressing student loan abuses, among many other troubling rollbacks.
“Under Trump’s Acting Director Mick Mulvaney, the Consumer Financial Protection Bureau has reduced transparency, accountability, and weakened enforcement of existing fair lending laws,” Beatty said during the March 6th press conference. “Worse yet, the agency has become more interested in helping payday lenders who have allegedly misled customers and charged exorbitantly high interest rates, rather than protecting the American consumers they were sworn to serve.” Beatty continued, “That is why I stand with my colleagues to fight back against the Trump Administration’s anti-consumer agenda. Consumer protection should not be a partisan issue.”
Created by the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Consumer Financial Protection Bureau returned more than $12 billion to over 30 million swindled American consumers during the Obama Administration. In that time period, the Consumer Financial Protection Bureau also improved transparency efforts over the financial services industry and instituted critical safeguards to hold companies accountable when they bilk veterans, servicemembers, seniors, students, homeowners, and the most at-risk Americans.
The Consumers First Act has been referred to the House Financial Services Committee, and Chairwoman Waters has indicated that the bill will be acted on in the coming weeks and months. For more information, please visit the Financial Services Committee’s website.