Waters Introduces Legislation to Put Consumers First
This Bill Undoes Many of the Trump Administration’s Anti-Consumer Changes to Undermine the CFPB
Washington DC, October 2, 2018
Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, announced the introduction of H.R. 6972, the Consumers First Act, a bill to block the Trump Administration’s anti-consumer agenda and reverse their efforts, led by Mick Mulvaney, Director of the Office of Management and Budget, to dismantle the Consumer Financial Protection Bureau. This legislation is co-sponsored by Rep. Carolyn Maloney (D-NY), Rep. William Lacy Clay (D-MO), Rep. Al Green (D-TX), Rep. Emanuel Cleaver (D-MO), and Rep. Gwen Moore (D-WI), members of the House Financial Services Committee.
“It is clear that President Trump and his budget director are doing everything in their power to roll back consumer protections, strip the Consumer Bureau of its resources and prioritize Wall Street at the expense of consumers,” said Ranking Member Waters. “My bill, the Consumers First Act, would reverse the harmful changes the Trump Administration has imposed on the Consumer Bureau by restoring the agency’s supervisory and enforcement powers and increasing the transparency and accountability needed for the agency to carry out its important mission. Under prior leadership, the Consumer Bureau returned $12 billion to nearly 30 million consumers who have been harmed by financial institutions, handled over 1.3 million consumer complaints about financial institutions, and made the financial marketplace stronger and fairer for all Americans. But under Trump and Mulvaney’s direction, consumers come last. This critically important agency must get back to work fulfilling its statutory purpose and actually protect Americans from unfair, deceptive or abusive practices. I call on my colleagues in Congress to put consumers first by supporting this legislation to ensure the Consumer Bureau’s statutorily mandated mission no longer continues to be undermined.”
H.R. 6972 is supported by Americans for Financial Reform, Allied Progress, California Reinvestment Coalition, Center for Global Policy Solutions, Center for Responsible Lending, Connecticut Fair Housing Center, Consumer Action, National Consumer Law Center (on behalf of its low income clients), National Association of Consumer Advocates, Public Citizen, and Reinvestment Partners.
The Consumers First Act blasts Mulvaney’s unlawful appointment, limits the number of political appointees that may be hired, reestablishes the full duties of enumerated offices, and codifies the commonly used name of the Consumer Bureau.
The Consumers First Act restores the supervisory and enforcement powers of the fair lending office, reestablishes a dedicated student loan office, reactivates prior agreements promoting effective interagency efforts, scolds Mulvaney for steering the Consumer Bureau away from its primary mission of holding predatory lenders accountable, and requires adequate agency staffing, including for supervision and enforcement, to fully carry out the Consumer Bureau’s statutory mandates.
The Consumers First Act requires the Consumer Bureau to provide Congress with all relevant documents about the suppression of the student lending report, mandates the consumer complaint database remain transparent and publicly accessible, and reinstates the CAB members.