| Rep. Maxine Waters explains the Consumers First Act. | |
Petition to Congress:
"Support Rep. Maxine Waters' Consumer First Act to restore the Consumer Financial Protection Bureau and undo the damage of Donald Trump's Wall Street first administration."
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The CFPB – the brainchild of Sen. Elizabeth Warren – was one the shining star of Wall Street oversight. In just a few short years, it "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."1
First, Trump hijacked the independent watchdog by installing his then-OMB Director Mick Mulvaney – a man who once publicly told a room full of bank lobbyists that donors to his political campaigns got first access to his congressional office.2
Then, Mulvaney set out to destroy the CFPB from within. He put partisan hacks in charge, dismissed an independent expert consultant board, suppressed a report on exploitative student loans, dropped charges against predatory payday lenders and quit cooperating with other agencies.
Now, Mulvaney's handpicked successor, Kathy Kraninger – a woman with no relevant experience who helped implement Trump's family separation policy – is continuing the crusade, starting with a handout to payday lenders.3
Rep. Maxine Waters has had enough, and now she's out to reclaim the CFPB as the new chair of the House Committee on Financial Services. Her Consumers First Act restores the CFPB's staffing and powers, protects its work to rein in predatory lenders, and blocks further administration sabotage.4 We must help Rep. Waters pass this bill to undo the damage and expose Trump's Wall Street first agenda.
- Josh Nelson, CREDO Action
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