Republican proposals would cut funding from the CFPB and block rules that would save working families money
MADISON, Wis. – As the Consumer Protection Financial Bureau (CFPB) marks 13 years of combating corporate greed, Republicans in Congress continue to undermine the bureau by attempting to strip funding and block rules that will save working families money.
With an overwhelming majority of Americans in support of increased efforts to crack down on corporate price gouging, the CFPB has been a critical component of the federal government’s efforts to hold corporations accountable since it was established 13 years ago. Despite its success, Republicans in Congress have proposed multiple laws to weaken or eliminate the bureau:
The latest budget proposal from the extreme Republican Study Committee, which Congressman Bryan Steil is a member of, eliminates the CFPB entirely. As a member of the House Financial Services Committee, Steil also voted to block a new CFPB rule to cap credit card late fees. Recently, Republicans have even advanced a bill to remove additional funding from the CFPB, restructure the agency, and protect credit card companies by allowing them to continue charging high fees.
“Working families already do everything they can to stretch their hard-earned money, the last thing they should have to worry about is being taken advantage of by big corporations and credit card companies,” said Opportunity Wisconsin Program Director Meghan Roh. “The Consumer Financial Protection Bureau is a valuable resource that saves Wisconsinites money, holds corporations accountable, and helps strengthen our economy. Congressmen Bryan Steil and Derrick Van Orden must oppose any effort to weaken it, including the current proposals in front of Congress.”