House Financial Services Committee Proposals Hurt Consumers and Rollback Vital Financial Regulatory Protections
As the Committee considers suite of legislation, some provisions might protect consumers, while others would set back limited progress on safeguarding financial system
WASHINGTON, D.C – The U.S. House of Representatives’ Committee on Financial Services will today mark up legislation that, if enacted into law, would undermine fundamental protections for consumers and the economy.
Among the proposals considered by the committee are bills that would leave Americans vulnerable to financial predators, stripping the Federal Insurance Office of important investigation tools such as subpoena power, and the elimination of a provision that requires a 30-day notice period before a landlord may begin eviction proceedings against a tenant in federally assisted or federally backed housing.
Further, a suite of Congressional Review Act resolutions attempts to undermine the earliest stages of preparation by our financial regulatory system to plan and act on the financial risks posed by climate change. Bartlett Naylor, financial policy advocate with Public Citizen’s Congress Watch, issued the following statement:
“The only way the overly complex U.S. financial regulatory system functions properly is when it protects consumers and the long-term stability of the financial system. A healthy financial regulatory system must be focused on consumer welfare, financial stability, and equitable access to financial services. The Committee’s unwavering support for several measures aimed at bolstering financial system integrity and consumer protection would be a positive step.
“Yet, several of the measures considered by the committee are giveaways to corporate interests, undermining simple safeguards that protect our economy. By any reasonable measure, multiple provisions considered today will expose consumers to predatory practices and hinder regulatory oversight.
“Many of the provisions today attack crucial rules designed to shield consumers, investors, and the financial system from the escalating risks of climate change. The attempts by House Republicans at the behest of industries unwilling to adjust for the impacts of climate change is mind boggling.”
Read More: Public Citizen Letter to Chairman Patrick McHenry and Ranking Member Maxine Waters on Bills Slated for Committee Mark Up on April 17, 2024.
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