Competition & Regulation

Fine Print in Budget Bill is Big Gift to Wells Fargo and Other Bad Actors

Washington, DC — This week, the Senate Committee on Appropriations released the Financial Services and General Government Appropriations bill that would politicize funding for the Consumer Financial Protection Bureau, the agency that uncovered the massive fake accounts scandal at Wells Fargo. Rather than holding hearings and gathering feedback from experts, a “poison pill rider” was slipped into this budget bill, likely at the behest of the financial industry lobby.

“For generations, banking regulators have been insulated from Congressional politics by ensuring they have independent funding. Fine print in this budget bill empower financial industry lobbyists looking to fire the cops protecting consumers. The Consumer Financial Protection Bureau’s work to bring in $12 billion in refunds to 30 million Americans shows that law enforcement is working. Congress should resist the lobbying efforts of special interests and wipe out this dangerous fine print from the budget bill,” said Rachel Weintraub, legislative director and general counsel with Consumer Federation of America.

Contact: Rachel Weintraub, (202) 939-1012

The Consumer Federation of America is an association of more than 250 non-profit consumer groups that, since 1968, has sought to advance the consumer interest through research, education, and advocacy.