Consumer Advocates Express Opposition to House Measure that Would Weaken Consumer Agencies

Advocates say House measure would put consumers at risk in financial marketplace

Consumer advocacy group Americans for Financial Reform (AFR) is expressing opposition to a government funding measure advancing through the House of Representatives. The measure, according to AFR, would significantly weaken federal agencies tasked with protecting consumers.

AFR outlined a number of policy provisions contained in the funding bill that they say will create risks for consumers.

“These policy provisions set up a dangerous dynamic where lawmakers are pressured to accept dangerous provisions in order to fund an agency or a program,” said Renita Marcellin, advocacy and legislative director at Americans for Financial Reform. “The riders would dramatically weaken oversight of Wall Street and predatory lenders, and threaten the economic security of families, communities, and businesses across the country.”

AFR notes that the bill includes efforts to weaken the Securities and Exchange Commission (SEC), the Consumer Financial Protection Bureau (CFPB), and the Federal Trade Commission (FTC). Each of these agencies plays a role in regulating commerce and finance.

AFR called on Members of Congress to oppose the draft budget and to take steps to improve it so that consumer interests are protected.

“Members of Congress should focus on funding a robust government that can sufficiently monitor the marketplace, protect consumers, and create a resilient financial system that works for everyone,” Marcellin added. “Instead, the Republican majority is choosing to play these games whenever it's time to keep on the lights at the expense of their constituents who need these agencies and programs running at full speed.”

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