Issue Position: Consumer Protection

Issue Position

Priorities

* Protecting and Strengthening the Dodd-Frank Act and the CFPB - The 2007-2008 financial crisis was the worst financial disaster since the Great Depression: Nearly $13 trillion in household wealth simply disappeared, with the retirement and savings accounts of many swept away. All told, around 9 million individuals were displaced from their homes, many of whom may never again have the opportunity of homeownership. In response, Congress passed the Dodd-Frank Act Wall Street Reform and Consumer Protection Act, which has had an deep-seated impact on the financial services industry. Regulators have taken important steps to implement Dodd-Frank. As a result, regulators are on the lookout for systemic risk, have taken steps to prevent future bailouts, have added transparency and structure to the once-opaque derivatives market, reined in credit ratings agencies, and implemented new investor protections. Consumers now have the Consumer Financial Protection Bureau (CFPB) on their side, which has provided billions in relief to millions of consumers through its enforcement actions, while also regulating industries that have historically lacked strong federal oversight. As Ranking Member of the Financial Services Committee, Congresswoman Waters continuously fights to preserve and strengthen Dodd-Frank from partisan and industry attacks to weaken this historic legislation and leave consumers vulnerable to another crisis.

* Ending Predatory Practices by For-Profit, Post-Secondary Schools - Congresswoman Waters has been a longtime advocate in the fight against the unlawful and predatory actions of for-profit post-secondary institutions. Since her time as a Councilwoman in Los Angeles, she has fought to hold for-profit institutions accountable to the students they purport to serve. She continues to be a leading voice in Congress on this issue protecting our most vulnerable students and veterans' right to a quality education will not riddle them with burdensome and expansive debt, but will provide them with the opportunity to earn a living and lead productive lives.

* Eliminating Risky Financial Products - The recent financial crisis was sparked by banks and other institutions steering everyday consumers into risky financial products such as subprime mortgages which ultimately led to millions of foreclosed homes or pay day lending loans with exorbitant interest rates that plunged the American consumer further into debt. Congresswoman Waters believes Congress and the federal financial regulators must put an end to their distribution because they are robbing hard-working people of their life savings and robbing the nation of its middle class.

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