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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The Senate Judiciary hearing on the live ticket industry proved that Democrats and Republicans are united behind the fact that Ticketmaster is failing consumers. My colleagues and I on the Energy and Commerce Committee are ready to reign in these abusive industry practices and protect consumers.
WASHINGTON - United States Representatives Jan Schakowsky (IL-09), Katie Porter (CA-45) and Chuy García (IL-04), along with Senators Elizabeth Warren (D-MA), Ron Wyden (D-OR), and Bernie Sanders (I-VT) sent a letter to the CEO of Cerberus Capital Management, urging the private equity firm to pause the payment of the $4 billion Albertsons dividend scheduled for Monday and to provide answers about the impact of the dividend on the Kroger-Albertsons merger.
As you may have heard, Kroger, which owns Mariano's, announced plans to purchase Albertsons, which owns Jewel. This could have major implications for grocery prices in our community. Kroger posted record earnings during the pandemic, including $132 billion in 2020. At the same time, Kroger decreased worker pay by 8.1%. This merger would lead to less competition, even higher grocery prices, and layoffs for employees. We must put American families first. I am proud to join Senator Elizabeth Warren (D-MA) and Senator Bernie Sanders (I-VT) in calling on the FTC to block this deal.
WASHINGTON - Congresswoman Jan Schakowsky (D-IL), a Senior Chief Deputy Whip and Chair of the Consumer Protection and Commerce Subcommittee of the Energy and Commerce Committee, and United States Senators Elizabeth Warren (D-MA) and Bernie Sanders (I-VT) sent a letter to Federal Trade Commission (FTC) Chair Lina Khan urging the agency to oppose Kroger's proposed $24.6 billion acquisition of Albertsons.
Last week, President Biden announced he is pardoning all Americans who have been convicted of simple marijuana possession under federal law. The executive order will benefit 6,500 people with federal convictions. The criminalization of marijuana and this nation's failed ‘War on Drugs' has devastated our communities of color. People of color are four times more likely to be arrested on cannabis charges – and are often targeted for longer prison sentences.
WASHINGTON – Today, Congresswoman Jan Schakowsky introduced legislation to help patients and government watchdogs evaluate the quality of private health insurance plans provided through Medicare. The Medicare Advantage Consumer Protection and Transparency Act, co-led by Representatives Katie Porter (D-CA), Diana DeGette (D-CO), and Lloyd Doggett (D-TX), improves data collection and holds insurers accountable for following the law.
WASHINGTON - Today, Congresswoman Jan Schakowsky (D-IL-09), Congressman Sean Casten (D-IL-06), and Congressman Don Beyer (D-VA-08) introduced bicameral legislation to provide the Federal Energy Regulatory Commission (FERC) with additional authority to protect consumers from the harm caused by traders that repeatedly manipulate electricity and natural gas markets. The Energy Consumer Protection Act is being introduced in the Senate by U.S. Senator Catherine Cortez Masto (D-NV) and U.S. Senator Maria Cantwell (D-WA).
WASHINGTON – Congresswoman Jan Schakowsky (D-IL) and Congresswoman Debbie Dingell (D-MI) applauded recent action taken by the Federal Trade Commission to protect consumers from fraudulent telemarketing calls selling sham automobile warranties. They released the following joint statement:
WASHINGTON – Today, Congresswoman Jan Schakowsky, a Senior Chief Deputy Whip and Chairwoman of Consumer Protection and Commerce Subcommittee of the House Energy and Commerce Committee, celebrated the House of Representatives' passage of the America COMPETES Act, a bold and transformative legislative package to supercharge American production of chips, strengthen U.S. supply chains and strengthen American manufacturing, advance U.S. scientific excellence and research and position American interest and values to win on the world stage.