Rep. Tulsi Gabbard Votes Against Weakening Consumer Protections
Washington, DC—Today, Rep. Tulsi Gabbard (HI-02) released the statement below after voting against H.R. 5485, the Financial Services and General Government Appropriations Act. The legislation is opposed by the American Civil Liberties Union (ACLU), proponents of net neutrality, and many other public interest groups.
“Unfortunately, H.R. 5485 is filled with measures that benefit large corporations and special interest groups over working families and small businesses. This bill would undermine existing Wall Street reform, further delay predatory lending restrictions, suspend net neutrality enforcement, and weaken privacy and civil liberties protections. The bill cuts funding for the Privacy and Civil Liberties Oversight Board (PCLOB) by $13 million, weakening the Board's ability to protect the privacy and civil liberties of the American people. In addition, the bill would further delay the FCC’s ability to enforce net neutrality,” said Rep. Tulsi Gabbard.
Rep. Tulsi Gabbard has strongly supported net neutrality, and has cosponsored legislation like H.R. 196, the Online Competition and Consumer Choice Act of 2015, which would prohibit multi-tiered pricing agreements between ISPs and content providers.
Rep. Tulsi Gabbard continued, “Eight years ago, the Consumer Financial Protection Bureau (CFPB) was created in the wake of the worst economic crisis since the Great Depression. The CFPB was designed to be funded independently of Congress, so that partisan politics would not interfere with consumer financial protections. This bill would derail the CFPB’s independent authority and put their ability to protect American consumers and families from banks, lenders, and other financial companies at risk. The bill would also delay the authority of the CFPB to protect American consumers from payday debt traps and other predatory lending practices that cost Americans billions a year. The effects of the 2008 financial crisis are still felt by families in Hawaiʻi and across the country, and rolling back vital consumer protections is unacceptable.”
Rep. Tulsi Gabbard has long-supported true financial reform, including a restoration of the Glass-Steagall Act, breaking up the big banks, and increased capital requirements for the nation’s largest banks. She has supported legislation like the Return to Prudent Banking Act, which would reinstate provisions of the Glass-Steagall Act to keep investment banking separate from commercial banking, as well as prevent the largest banks from engaging in speculative trading.