Wall Street’s Latest Wishlist For Congress Would Make Even the Pharmaceutical Industry Blush

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We support reforms to the financial marketplace that protect consumers from unscrupulous banks and lenders.

By Consumers Union on Thursday, June 12th, 2014

Do you know what stands between the American people and another financial crisis?

Two things.

The first is a little but scrappy federal agency that just happens to be the most important institution to emerge out of the crisis, the Consumer Financial Protection Bureau (CFPB).

And the second is defeating the the Wall Street Wishlist.   Allow us to explain.

What’s the CFPB?

Over the last few years, you’ve heard alot from us on why we think the CFPB is so very necessary to a fair and just financial marketplace.    For a brief run down, we’ve put together a fact sheet explaining how this agency will work for you, outlined what a strong CFPB ultimately needs to look like, rallied and thanked you for ensuring we got an actual consumer protection expert to lead this consumer protection agency as its Director, informed you about the bureau’s effort to protect consumers wrongly being hounded by debt collectors, its efforts to help veterans,  its helpful guides to avoid scams, and even boldly claimed to the world that the CFPB is the best thing to happen to Americans since Jennifer Lawrence.  Finally, while you have heard quite a bit from us we have heard from quite a few of you as you’ve shared many and heart-breaking stories about the plethora of financial scams still so present in the marketplace.

Our case for why the CFPB is our steady bulwark against another crippling financial crisis has been laid out fully and reverently  in these and many other blog posts.  But since the CFPB’s creation in 2011, Wall Street lobbyists and their friends in Congress have been pursuing a suite of bills meant to cripple it beyond recognition.

What’s the Wall Street Wishlist?

Literally every day at the break of dawn since its creation, Wall Street lobbyists have been begging and pleading with  your elected member in Congress to relieve them of the CFPB’s scrutiny by introducing and passing bills whose ultimate goal is to weaken both the Bureau’s  authority and its ability to protect you from, well, them.  It would be akin to the all-powerful pharmaceutical industry actively seeking to undermine the FDA- something it has never done.

We’ve put these bills in a handy Wall Street Wishlist Fact Sheet that lists the bill numbers, the sponsor and co-sponsor(s) of the bill,  a link to the bill tracking site Congress.gov, a brief synopsis of what they seek to do, and our rationale for why this potential law is unnecessary.

Give it a good read and then tell us what you think in the comments.  Then, share our petition far and wide.

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