Issue Position: Consumer Protection

Issue Position

Senator Reed is dedicated to protecting consumers and ensuring they have the information they need to make informed choices.

A senior member of the Banking Committee, Reed authored several key pieces of the historic Wall Street Reform and Consumer Protection Act to bring transparency and accountability to Wall Street. Most notably, Reed championed a provision to establish the new Consumer Financial Protection Bureau that will prevent deceptive practices and provide consumers with the information they need to make informed choices when shopping for mortgages, credit cards, and other financial products.

Reed has fought to ban unfair credit card practices and authored legislation to improve consumer disclosures on mortgages and provide stronger protections and better alternatives for families facing foreclosure.

In recognition of his dedication to protecting U.S. consumers, the pro-consumer advocacy Consumer Federation of America (CFA) honored Senator Reed with its Philip Hart Public Service Award for championing issues that better the lives of working Americans.

Key Priorities & Accomplishments

Reed helped pass the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act, which President Obama signed into law, establishing fair and sensible rules for how and when credit card companies can raise interest rates.
Successfully pressured the Food and Drug Administration (FDA) to strengthen labeling and testing standards for sunscreen products.
Cosponsored legislation to crack down on gas and oil market manipulation and pushed for federal task forces to ferret out unscrupulous and excessive speculative conduct in the energy commodity markets.
Authored a provision in the Affordable Care Act that will require prescription drug promotional advertisements and labeling to contain easy to understand "fact boxes" that will give patients and doctors credible, accessible information about how well drugs work and their potential side effects.

Source