Congress Protects Consumers as They Spur Economy

Congress Protects Consumers as They Spur Economy
February 8, 2004

Washington, D.C.- When most economists and talking heads on the financial networks talk about economic indicators, they usually point to recent figures on manufacturing, production, or employment to make their prognostications as to what the future holds for Americans' pocketbooks. Indeed these production figures are important aspects of the economy to monitor, but there is another critical part of the economic equation that is often overlooked. Every exchange of goods or services involves not only a producer, but also a consumer, and Congress has taken several important steps to protect and encourage American consumers to participate in the economy.

Of course the most crucial way Congress has improved lives for consumers is by giving them back more of their money to spend. We've done that by reducing the tax burden for every American who pays taxes, and giving families more money to spend and businesses more money to invest.

By far the biggest purchase for most consumers is their home, but many families can't afford to make the transition from renting to ownership. The American Dream Downpayment Act, passed in 2003, will help approximately 40,000 low- to moderate-income families per year with the purchase of their first home and, in doing so, strengthen America's housing market. The average assistance grant of $5,000 per family will assist with the downpayment and closing costs. And we're also working to reform the home buying system to make buying a home simpler, more transparent, and less costly.

Consumers also need to know that they will be treated fairly when they apply for credit, and can use their credit without fear of being taken advantage of. I supported legislation that was signed into law by President Bush that creates important new tools to address the growing problem of identity theft. It establishes a nationwide fraud alert system. It also gives consumers the right to receive their credit reports free of charge every year as part of a nationwide financial literacy campaign.

Consumers deserve the right to make decisions based on what the market provides, but they should not have to be bombarded in their homes with unsolicited telemarketing calls. I supported legislation to establish the national "Do Not Call" Registry so that consumers can be protected from unwanted telephone solicitations. The will of the 50 million people who are on this list cannot be ignored, and I have also supported legislation which would prevent judicial rulings from halting the implementation of the list. As a result of Congress' action, the list remains in effect, and is available at 1-888-382-1222, or www.donotcall.gov <