Voting Record Highlights House Efforts to Protect Consumers and Hold Wall Street Accountable During the 116th Congress

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Voting Record Highlights House Efforts to Protect Consumers and Hold Wall Street Accountable During the 116th Congress
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Today, Americans for Financial Reform Education Fund released a record of votes during the 116th Congress regarding consumer protections and Wall Street accountability. During the 116th Congress, the Democratic-led House of Representatives advanced a number of measures to strengthen consumer protections and to put in place enforcement tools to hold bad actors in the financial industry accountable for abusive, discriminatory, and fraudulent practices.

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Most legislative measures on these issues started in the House Financial Services Committee (HFSC), including bills to support the Consumer Financial Protection Bureau; improve the credit reporting system; promote diversity and inclusion in the financial industry; and to protect the rights of student borrowers, small business, and retail investors. The HFSC also advanced legislation to block dangerous rules proposed by Trump appointees to advance that administration’s racist, xenophobic, and transphobic agenda. Over 60 of the HFSC bills also passed the House.

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Legislation To Curb Wall Street Excesses During The 116th Congress

“The House of Representatives during the 116th Congress considered legislation that would curb Wall Street excesses, protect consumers, and take steps to address economic inequality and systemic racism,” said Rion Dennis, legislative and advocacy director at Americans for Financial Reform Education Fund.

“There were important floor votes on bills like the CREDIT Act, to overhaul the credit reporting system,” Dennis added. “We need and expect bold action to advance these goals in the new Congress, and in both houses.”

None of over 60 bills that started in the HFSC and passed the House of Representatives—50 of which passed with broad bipartisan support—received a single hearing or floor vote in the Republican majority Senate.

The report, entitled “How Members of the 116th Congress Voted on Taming Wall Street and Protecting Consumers” lays out when lawmakers voted to protect workers, consumers, student borrowers, retirees, investors, small businesses, and the integrity of the financial system and when they chose to prioritize the profits and wealth of Wall Street insiders and the financial industry. The report is supplemented by online appendices tabulating the votes on the House Floor, the HFSC, and the Senate.

This version of the report updates a report Americans for Financial Reform Education Fund released in November 2020 in order to cover the whole of the 116th Congress.

The voting record can be read as a companion to AFR’s public opinion surveys, which demonstrates strong support for financial regulation and consumer protections.

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Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)www.valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver
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