Issue Position: Protecting Consumers

Issue Position

Congressman Doggett Urges Financial Protections for Consumers:

With my strong support, Congress enacted legislation to create the Consumer Financial Protection Bureau, a powerful consumer advocate to ensure American families can finally have the information they need to make informed financial decisions. When your family is counting on something -- a home, a job, or a retirement plan -- we should not let big government get in your way, but neither should we let other powerful forces interfere, such as Wall Street banks, health insurance monopolies, or pharmaceutical giants. After so many suffered from the totally unnecessary Wall Street meltdown, Congress has finally responded with a law that arms families with ways to protect themselves. In my speech on the floor of the House of Representatives, I expressed my strong support for the Consumer Financial Protection Bureau, as envisioned by former U.T. Law Professor Elizabeth Warren, who now serves as chair of the Congressional Oversight Panel.

Strong Opposition to Bank Bailouts:

I strongly opposed the bank bailouts, regardless of which President supported them. Not only did I twice vote against the so-called "bank bailout," which provided the Treasury Secretary with $700 billion to buy bad mortgages and other troubled assets owned by financial institutions, I also voted twice against releasing another $350 billion to bail out the big banks. I am deeply concerned about the distribution of Wall Street bailout funds, and the troubling developments since my vote against the initial bailout only increase my concerns about accountability. I warned Congress about the problem of executive pay before the initial bailout was approved. With my strong support, Congress enacted the Wall Street Reform and Consumer Protection Act. While this law should have done more -- much more -- about those Wall Street interests that are paid too much and taxed too little, it is a modest but important step toward preventing bank bailouts.

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