The Consumer Financial Protection Bureau is the first line of defense against financial scams for our service members and veterans. Disappointingly, Rep. Randy Hultgren voted for the Wrong Choice Act (H.R. 10), which dismantles the watchdog.
It is up to Illinois Sens. Richard Durbin and Tammy Duckworth to stop these attacks.
H.R. 10 is the latest attempt by Wall Street to cash in after spending more than $2 billion in influence peddling during the past election.
The bill stops the consumer bureau from taking legal action against large banks and other companies, such as payday lenders.
The consumer bureau has taken more than 100 legal actions, returning
$12 billion to more than 29 million customers. Twelve of those actions were targeted at abuses of military service members and veterans.
The bill also voids a new protection the consumer bureau issued just this week. Thanks to the agency, banks will no longer be able to include fine print clauses that deny service members and other customers the right to join class action lawsuits.
The Pentagon found that financial abuses can cause service members to lose security clearances, resulting in lower unit preparedness. Fortunately, we have the Consumer Financial Protection Bureau.
The fact that Rep. Hultgren didn’t oppose the bill for its harm to our military shows how bad it is for all consumers.
If enough Illinoisans contact representatives in Congress, we can make sure the consumer bureau continues to rein in Wall Street for our military members and the rest of us, too.
Illinois Public Interest Research Group