May, 09 2017, 11:30am EDT
U.S. PIRG Release: Advocates from 36 States Head to Congress to Counter Unprecedented Attack on Consumer Protections
Congress Considering Bills to Gut the CFPB & Roll Back Essential Consumer SafeguardsÂ
WASHINGTON
Over 100 consumer advocates from 36 states across the country are coming to Washington, D.C. this week to urge lawmakers in Congress to oppose legislation that would harm consumers in their communities. In particular, the advocates are calling on Congress to reject legislation that would weaken the Consumer Financial Protection Bureau and undermine its proposed rules to limit high-cost payday loans and forced arbitration. The advocates are also urging opposition to the Regulatory Accountability Act which will cause agency paralysis by analysis and make it extremely difficult to enact important new health, safety, and pocketbook protections.
The effort is being coordinated by the Consumer Federation of America and is co-sponsored by Consumers Union, U.S. PIRG, National Consumer Law Center, Public Citizen, National Consumers League, National Association Consumer Advocates, and Americans for Financial Reform. "We're facing an unprecedented attack in Congress on sensible consumer protections that help protect our wallets and keep us safe," said Stephen Brobeck, Consumer Federation of America's Executive Director. "Lawmakers should stand with consumers and reject proposals that threaten to weaken the CFPB and block essential safeguards for working families."
Last week, the House Financial Services Committee approved the Financial CHOICE Act, which would essentially gut the CFPB by eliminating much of its authority and enforcement powers. Under the bill, the CFPB would lose its ability to stop unfair, deceptive, and abusive practices, and would no longer have the power to fine companies for breaking the law or order them to provide refunds to consumers cheated out of their money. The bill blocks the CFPB's authority to conduct financial education campaigns and would do away with the CFPB's public complaint database. If the bill is approved, the CFPB's director could be fired at will by the President, unlike other banking regulators, and the agency's budget would be subject to the congressional appropriations process, opening it up to further attack by financial industry opponents determined to shrink its budget.
In January of this year, the House passed numerous bills that would make it more difficult for necessary consumer protections to be finalized. One of these bills, the Regulatory Accountability Act, passed the House in January and was recently introduced in the Senate. Consumers expect that their food and products will be safe and that the financial marketplace will be fair but these bills would make it almost impossible for these rules to ever be finalized. The Regulatory Accountability Act would grind proposed consumer protections to a halt by requiring extensive time-consuming analysis that prioritizes costs over benefits, providing more opportunities for litigation, and undermining the expertise and independence of federal agencies.
Consumer Federation of America's partners and co-sponsors of Consumer Lobby Day discuss why it is so important that Congress hears and heeds the concerns and needs of consumers.
Consumers Union, the Policy and Mobilization Division of Consumer Reports
"The CHOICE Act is the wrong choice for consumers because it strips the CFPB of most of its power to take on banks and other financial firms that engage in unfair and predatory practices," said Pamela Banks, senior counsel for Consumers Union, the policy and mobilization division of Consumer Reports. "This bill neuters this critical consumer watchdog and would leave Americans more vulnerable to getting hit with hidden fees, costly scams, and financial fraud."
Among those coming to D.C. to urge Congress to defend the CFPB are consumers who have been harmed by unfair mortgage foreclosure, payday loan and student loan practices. Consumers Union can connect reporters with these consumers and others who have filed complaints with the CFPB about the problems they've encountered and gotten assistance resolving those issues.
Americans for Financial Reform
"Across the country, communities have mobilized to stand up to Wall Street and predatory lenders," said Jose Alcoff, Campaign Organizer at Americans for Financial Reform. "People have come to Washington today to let their congress members know that if they choose to sell out to Wall Street, people will be paying attention back home."
National Association of Consumer Advocates
"Memories of the dramatic losses of U.S. jobs, homes, and economic security caused by the 2008 financial crisis seem to have faded in Congress," said Christine Hines, legislative director of the National Association of Consumer Advocates. "Thankfully, consumers and advocates across the country are committed to reminding lawmakers that we need an independent Consumer Financial Protection Bureau to fight for a fair and open marketplace that protects our rights and interests."
National Consumer Law Center
"The CPFB is incredibly effective at protecting military servicemembers, seniors, working families, students and other consumers," said National Consumer Law Center Associate Director Lauren Saunders. "Congress should not carry water for Wall Street and predatory lenders by pushing to gut the consumer watchdog."
National Consumers League
"NCL fully supports sensible rules and regulations for companies doing business in the US and reaping profits from American consumers. Without rules of the road, consumers will be further victimized by false and deceptive tactics, rip offs, unsafe financial and consumer products," said Sally Greenberg, Executive Director of the National Consumers League. "The CFPB and our carefully crafted regulatory system makes the US a good place to do business and offer critical consumer protections. History has shown that we must preserve these institutions and uphold these rules to avoid economic disaster."
"It's outrageous that some members of Congress are attempting to strip critical consumer financial regulations," said Lisa Gilbert, Public Citizen's vice president of legislative affairs. "That's why Public Citizen is proud to join with partner groups and activists from around the country to strengthen the unified front defending these essential government safeguards that stabilize markets and provide needed relief to Americans who are ripped-off by unscrupulous financial actors."
U.S. PIRG
"Consumer leaders from around the country are bringing members of Congress a strong message," said Janet Domenitz, MASSPIRG Director (and CFA president). "Don't weaken the CFPB and don't roll back our financial and public health protections."
U.S. PIRG, the federation of state Public Interest Research Groups (PIRGs), stands up to powerful special interests on behalf of the American public, working to win concrete results for our health and our well-being. With a strong network of researchers, advocates, organizers and students in state capitols across the country, we take on the special interests on issues, such as product safety,political corruption, prescription drugs and voting rights,where these interests stand in the way of reform and progress.
LATEST NEWS
'Every Single Senator Should Be Supporting' Sanders Bid to Block Massive New Arms Sale to Israel
Sen. Bernie Sanders said he would introduce a joint resolution to block the proposed sale of $18 billion worth of warplanes and other weaponry to Israel.
Jul 12, 2024
As the Biden administration pushes Congress to approve an additional $18 billion arms sale to Israel even as it wages what much of the international community considers a genocidal war against the people of Gaza, Palestine defenders on Friday urged U.S. senators to support an effort by Sen. Bernie Sanders to block weapons transfers to the key Middle Eastern ally.
The Biden administration is urging congressional lawmakers to sign off on the sale of a package involving as many as 50 McDonnell Douglas F-15 fighters, as well as munitions, training, and other support, to Israel. The sale cleared a key hurdle last month when two holdouts—Rep. Gregory Meeks (D-N.Y.), the ranking Democratic member on the House Foreign Affairs Committee, and Sen. Ben Cardin (D-Md.), the top Senate Foreign Relations Committee Democrat—agreed to support the transfer.
If given final approval, the sale would be one of the largest to Israel since it began its nine-month assault on Gaza in retaliation for the Hamas-led October 7 attacks. More than 137,500 Palestinians have been killed, maimed, or left missing by Israel's onslaught, which is the subject of both an International Court of Justice genocide case and International Criminal Court Prosecutor Karim Khan's bid to arrest Israeli and Hamas leaders, including Israeli Prime Minister Benjamin Netanyahu and Hamas Chief Yahya Sinwar.
The Biden administration has approved billions of dollars in U.S. military aid and more than 100 arms sales to Israel since October. This, atop the nearly $4 billion Israel already got from Washington annually.
"While much of the media is focused on the drama of the U.S. presidential election, we must not lose sight of what is happening in Gaza, where an unprecedented humanitarian crisis continues to get even worse," Sanders said Friday.
"Nine months into this war, more than 38,000 people have been killed and 88,000 injured—60% of whom are women, children, or elderly. The full toll is likely higher, with thousands more buried beneath the rubble," he continued. "Nine in 10 Gazans—1.9 million people—have been driven from their homes."
"Many people have been displaced four or five times, and most do not have homes to return to, with more than 60% of residential buildings damaged or destroyed," he added.
"Israel continues to restrict the entry of [United Nations] humanitarian aid trucks into Gaza, prevent the entry of key humanitarian items, and obstruct aid workers' access to many areas," the senator noted. "These restrictions have prevented aid organizations from setting up a sustained, effective response."
Sanders stressed:
Yet, in the midst of this horror and violations of international law, the United States continues to send billions of dollars and thousands of bombs and other weapons to support this war. We, as Americans, are complicit.
We must end our support for Netanyahu's war. Not another nickel to make this horrific situation even worse. I intend to do everything I can to block further arms transfers to Israel, including through joint resolutions of disapproval of any arms sales. The United States must not help a right-wing extremist and war criminal continue this atrocity.
Palestine defenders backed Sanders' effort.
"Every single senator should be supporting Sen. Sanders upcoming joint resolution of disapproval against an $18 billion weapons giveaway to Israel, which would further enmesh and implicate the U.S. in Israel's genocide against Palestinians in Gaza," Institute for Middle East Understanding policy director Josh Ruebner said on social media.
Keep ReadingShow Less
Azerbaijan's New Climate Fund, Easy on Fossil Fuel Producers, Denounced as 'Smoke Screen'
The country's new climate finance fund—an initiative watered down by fossil fuel producers—draws criticism as the oil-producing country prepares to host the U.N. climate summit in November.
Jul 12, 2024
Climate campaigners on Thursday dismissed Azerbaijan's plan for a $500 million climate investment fund, arguing that it was a small, poorly designed initiative meant to distract from the nation's oil production.
The criticism came following news that Azerbaijan, which is seeking to bolster its green credentials as it prepares to host the United Nations Climate Change Conference (COP29) in November, plans to raise at least $500 million of financing for clean energy investments in the Global South. The money would come from fossil fuel producers, including the state-owned Azerbaijani company SOCAR.
Azerbaijani officials considered introducing a levy on fossil fuel producers to raise money for the fund but, after facing opposition from oil-producing Gulf countries, opted for a voluntary, public-private investment model, an anonymous source toldReuters.
350.org called Azerbaijan's plan a "commercial" venture and said "we must distinguish profit-driven investments from genuine efforts," in a statement.
"The role of a COP presidency is to drive forward highly concessional climate finance, not profit from it," said Andreas Sieber, associate director of policy and campaigns. "We demand accountability through tax levies, not token charity, in this climate emergency. Those responsible for the climate crisis must pay for what they have created."
🧵1/4
BREAKING: @COP29_AZ plans a $500mn fund with the money of #fossilfuel industry to fund the energy transition - sounds good at first, but its a charade to distract us from the #fossil industrys deadly unwillingness to transition. Lets unpack:https://t.co/R1A6gP0x1S
— Andreas Sieber (@ClimateAndreas) July 11, 2024
Azerbaijan's new fund marks the second year in a row that an oil-producing nation has sought to deflect criticism by announcing a climate finance venture ahead of the U.N. summit.
The United Arab Emirates (UAE), which hosted COP28 last year, announced a far larger climate investment fund, with a $30 billion initial investment and a goal of raising $250 billion. Forbesreported after COP28 that "the reality is the fund is an investment tool with a primary purpose of profits for the investors."
Like the UAE last year, Azerbaijan faces questions as its commitment to climate action.
"Several diplomats and negotiators have privately expressed concerns that Azerbaijan, which relies heavily on oil and gas revenues, is fundamentally reluctant to address the question of how to shift away from fossil fuels," The Financial Timesreported.
In January, Azerbaijan appointed a 20-year oil and gas veteran to lead COP29 talks, drawing criticism from environmental groups. A Global Witness report revealed that the country plans not to phase out fossil fuel use, per an international agreement made at COP28, but to raise gas production by one-third in the next decade.
Keep ReadingShow Less
Sunrise Movement to Biden: For Planet's Sake—and Your Climate Legacy—Step Aside
"Joe Biden's next climate legacy-defining act must be to pass the torch to a new nominee," says Sunrise Movement executive director Aru Shiney-Ajay.
Jul 12, 2024
The head of a leading U.S. climate action group on Friday joined nearly 20 congressional lawmakers and the growing list of Democratic Party insiders, pundits, and others who are imploring President Joe Biden to step aside and let another Democrat run against former President Donald Trump in November's election.
"For the future of our democracy and our planet, we must defeat Trump this November. If Trump wins, he will demolish President Biden's historic climate achievements, such as the Inflation Reduction Act and American Climate Corps," Sunrise Movement executive director Aru Shiney-Ajay said in a statement. "Another Trump presidency would cause catastrophic and irreversible damage to our climate."
According to Shiney-Ajay:
The Democratic Party must seriously assess whether Joe Biden can successfully convince voters and energize volunteers. After speaking with young people around the country over the last few weeks, I'm concerned that Joe Biden isn't positioned to mobilize young people and win in November.
To be very clear, regardless of who the Democratic candidate is, our plan is the same: to persuade young voters to turn out for the Democratic nominee in order to defeat Trump. With another ticket that energizes young volunteers, we could contact up to twice as many voters this fall.
"To young people: Losing this election could alter the rest of our lives. In order to fight for our generation and our future, we must vote for the Democratic nominee," Shiney-Ajay stressed. "Joe Biden's next climate legacy-defining act must be to pass the torch to a new nominee."
Trump, who has habitually called human-caused climate change a "hoax," filled his administration with officials who were criticized for being inimical to their respective agencies' stated missions. Some of his key appointees—including Rex Tillerson, his first secretary of state, and Ryan Zinke, who headed the Interior Department—were former fossil fuel executives or had track records of supporting the oil, gas, and coal industries.
The debate over Biden's future as the Democratic nominee comes as nearly 20 members of Congress have called on the president to stand down in favor of another candidate, and as poll after poll show him losing to Trump amid a glaring lack of enthusiasm for his candidacy.
"In 2020, Biden was able to energize young people to not only vote, but urge their friends, parents, and neighbors to do the same," said Shiney-Ajay. "We saw that energy at Sunrise, when our volunteers contacted 3.5 million young voters urging them to vote for Biden. Since the debate, already low enthusiasm for Biden has continued to drop."
"The stakes are too high," she added. "We can't afford to ignore the warning signs in front of us."
Keep ReadingShow Less
Most Popular