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Consumer Protection

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. 

 

More on Consumer Protection

August 4, 2017 In The News

A bipartisan group of House and Senate lawmakers introduced legislation Thursday to address student loan defaults by steering delinquent and defaulted borrowers toward income-driven repayment programs and reducing other paperwork barriers to student loan relief.

July 28, 2017 In The News

By Representative Suzanne Bonamici

June 13, 2017 Press Release
Congresswoman Suzanne Bonamici led a group of more than 150 Members of Congress in opposing Education Secretary DeVos’s decision to remove key requirements from student loan servicing contracts.
June 8, 2017 Press Release

Financial CHOICE Act Severely Limits Consumer Financial Protection Bureau

WASHINGTON, DC [06/08/17] – Today Congresswoman Suzanne Bonamici (D-OR) voted against legislation that guts the Consumer Financial Protection Bureau (CFPB) and rolls back protections of 2010’s Dodd-Frank financial reform law. The bill would limit the ability of financial regulators, including the Securities and Exchange Commission and the Federal Stability Oversight Council, to prohibit the risky financial practices that led to the Great Recession.

May 25, 2017 Press Release
Rep. Peter King and Rep. Suzanne Bonamici announced the establishment of a bipartisan Elder Justice Caucus. The Caucus will help to unify a voice in Congress by bringing together members with a shared interest in preventing elder abuse.
May 18, 2017 Press Release
Congresswoman Suzanne Bonamici and Congressman Joe Crowley introduced legislation to give states and cities the authority to create and run retirement savings programs for workers in the private sector who do not have plans through their employers.
May 4, 2017 Press Release
Congresswoman Suzanne Bonamici voted against legislation that would take away many important protections of the Affordable Care Act, including coverage for pre-existing conditions and essential health benefits.
May 3, 2017 Statements

M. Speaker, I rise today in support of the Senate amendment to H.R. 244, the FY2017 omnibus spending bill. This is not a perfect bill, but many priorities that are important to my constituents in Oregon and people around the country are funded and protected, and it prevents a government shutdown.

May 2, 2017 Press Release
Congresswoman Suzanne Bonamici voted against legislation that could result in workers losing overtime pay. The Working Families Flexibility Act would allow employers to give workers comp time in lieu of overtime pay.
May 2, 2017 Statements

Unfortunately, too many workers in Oregon and across the country are still facing a great deal of economic anxiety. They worry about rent payments, increasing health care costs, saving for retirement, balancing family responsibilities and work, and making ends meet.