Sarbanes Statement on Passage of the Consumers First Act

Congressman John Sarbanes (D-Md.) released the following statement today after voting for the Consumers First Act (H.R. 1500):

“Today, I proudly joined House Democrats in passing a bill to protect Americans from predatory financial companies and unscrupulous scams. The Consumers First Act will restore integrity and enforcement authority to the Consumer Financial Protection Bureau (CFPB) – the only cop on the beat to go after financial institutions and bad actors who exploit hardworking Americans.

“Since its creation in 2010, the CFPB has served as a powerful advocate and champion for the people, returning nearly $12 billion to 30 million individuals who were harmed by misleading financial products and scams, including payday loans, overdraft fees and mortgage loan disclosures. But all that changed in 2017, when the Trump Administration – at the direction of wealthy and well-connected special interests – took steps to dismantle the CFPB, interfere in its investigations and stymie its rulemakings in an attempt to increase financial industry profits.

“We must guard against predatory companies, dangerous financial products and fraudulent banking practices. The Consumers First Act is a critical step in that effort. It will ensure that the CFPB can once again fight for the American people.”