Issue Position: Cracking Down on the Big Banks and Credit Card Companies

Issue Position

One of my most important jobs in Congress is to stand up to protect consumers, families, and small businesses in Maine. That's why I helped lead the fight to pass a new law to crack down on credit card companies for deceptive lending practices, which have ruined the credit and savings of so many. Now, credit card companies can't raise your rates whenever they feel like it, they can't rip you off with hidden fees buried in fine print, and kids can't get credit cards without parents' permission.

Our economy lost 8 million jobs when the risky schemes and speculative investments of the big Wall Street firms finally collapsed. It's time to hold these bad actors accountable and regulate them in a way that will protect us from another disaster. That's why I fought to create a Consumer Financial Protection Bureau (CFPB), an independent watchdog agency whose sole mission is to protect consumers and regulate big banks and credit card companies. The CFPB will be able to require credit card companies and big banks to explain their terms in plain language that everyone can understand and do away with fine print and hidden fees.

Source