Press Release ● Jobs and Economy
For Immediate Release: 
May 22, 2019
Contact Info: 
Mariel Saez 202-225-3130
WASHINGTON, DC – House Majority Leader Steny H. Hoyer (MD) released the following statement today urging support for the Consumers First Act on the House Floor today:

“I am proud to bring the Consumers First Act to the Floor today to reaffirm the mission and authority of the Consumer Financial Protection Bureau (CFPB) and reverse efforts by the Trump Administration to undermine its work on behalf of the American people.  When Congress created the CFPB in the wake of the 2008 financial crisis and the Great Recession, the clear intention was to launch an agency that would be an independent guardian for American consumers of financial products, including home mortgages, student loans, automotive financing, and retirement investments.  By placing a White House political aide as acting head of the agency in 2017, President Trump began a process of subverting the agency’s independence.  In the months since, the Trump Administration has worked to dismantle the CFPB from within and promulgate rules that hurt consumers, service members, students, and retirees instead of protecting them.  That’s wrong, and it necessitated the Democratic-led House to act to protect Americans from fraud and abuse. 
 
“I commend Chairwoman Waters and Democrats on the House Financial Services Committee who worked hard to write and advance the Consumers First Act.  House Democrats will continue to protect the CFPB and defend the reforms put in place after the financial crisis in order to protect Americans from harmful, predatory practices.  I urge Republicans to join us in voting for this important legislation.”