Financial Protections
We are still recovering from the most severe financial crisis since the Great Depression. Home values crashed, savings accounts shrank, millions of jobs were lost or eliminated, and access to credit became nonexistent. Many Americans were left with loans they were unable to afford based on misleading promises of low payments that ballooned at the worst possible time. This was the result of Wall Street greed, deregulation, and the failure of federal regulators to act in the interests of consumers.
The Dodd-Frank Wall Street Reform and Consumer Protection Act, which passed in 2010, overhauled the financial industry and reined in Wall Street abuses. It included my amendment to protect seniors from abusive terms in reverse mortgages.
In order to ensure basic consumer protections and clear disclosure of relevant loan or other consumer financial information, the Dodd-Frank Wall Street Reform and Consumer Protection Act also included a provision to establish a national watchdog of the financial industry. I supported the creation of the Consumer Financial Protection Bureau from the beginning because I believe that the safety of financial products is as important as the safety of any consumer good. Finally, consumers have a single place where they can go to for help with credit cards, mortgages, student loans, and other financial products.
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When you book a flight right now, you see the full price upfront with all of the taxes and so-called junk fees added in. But that could soon change. People deserve to know the full price when they go to purchase an airline ticket. I vow to support efforts to uphold President Joe Biden's promise to end deceptive junk fees in air travel.
Last week, I voted against another ridiculous, xenophobic bill put forward by the House Republicans. The Schools Not Shelters Act is designed to bar schools and universities from giving shelter to asylum seekers, and it is a thinly veiled attempt to demonize immigrants seeking a better life in the United States. Chicago is a welcoming community, and we are working hard to house the migrants being bussed to our city by Texas Governor Greg Abbott. My colleagues claim this bill is about protecting children, but it is not, and I was glad to vote against it.
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Last week, House Republican leadership canceled planned votes amid a revolt by conservative members that brought votes on the House floor to a halt. Many far-right members are retaliating after Republican leadership negotiated with President Biden to raise the debt limit, avoiding a catastrophic debt default. Now, these far-right members are holding the floor of the House of Representatives hostage.
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Last week was another busy week here in Washington thanks to several press conferences, constituent meetings, and bill introductions! We also spent a lot of the week deliberating on committee assignments. I am proud to announce that I am the Ranking Member of the Innovation, Data, and Commerce Subcommittee, formerly known as the Consumer Protection and Commerce Subcommittee, of the Energy and Commerce Committee. The Chair of the subcommittee is my friend, Rep. Gus Bilirakis from Florida.