As a consumer protection attorney at the Federal Trade Commission, I learned firsthand how strong consumer protection laws keep Americans financially secure and level the playing field for businesses. A thriving marketplace without deceptive practices is also essential to our economic recovery because it will help to restore consumer confidence. I have taken on predatory lending and other unscrupulous practices, and I have worked to prevent insurance companies from taking advantage of seniors. Recently I introduced the SAFE (Stop Abuse and Fraud in Electronic) Lending Act, a companion bill to legislation Senator Merkley introduced in the Senate, to protect consumers from abusive online payday lending practices.
As a member of the Financial and Economic Literacy Caucus, I am working to promote more personal financial education. With more education and understanding about personal finance and economics, consumers will be more knowledgeable in the marketplace and less likely to fall victim to scams.
The Dodd-Frank Act and the Consumer Financial Protection Bureau
The Dodd-Frank Wall Street Reform and Consumer Protection Act has started to address some of the Wall Street abuses that led to the financial crisis, but more can be done. We need to make sure that a strong Volcker Rule is implemented to prevent banks from making risky bets with taxpayer insured deposits. Rules like this once kept Wall Street accountable, and it can do so again.
Some in Congress are determined to undermine Dodd-Frank, which placed important new requirements on the financial services industry to prevent another Great Recession. I am fighting back against efforts to weaken Dodd-Frank, and I will continue to stand strong for American consumers, borrowers, and homeowners.
Enforcement of our consumer protection laws by the Consumer Financial Protection Bureau (CFPB) is a critical component in restoring consumer confidence in our economy. I am a strong supporter of the CFPB and its mission, and have sought to ensure that it has funding to carry out its important tasks. As a member of the Budget Committee I offered an amendment to provide full funding to the CFPB, and I will continue to seek other opportunities to support this critical consumer watchdog.