Cynthia Lummis

Banking & Financial Services

Congress should provide clear and transparent rules and regulations for the banking and financial services sector, in order to limit unfair and deceptive practices against consumers.  However, Congress should not delegate this regulatory authority to new agencies without retaining significant oversight.  

I am alarmed by the growing number of “czars,” appointed to administer billions of dollars and make decisions affecting thousands of Americans. Of particular concern to me is the Consumer Financial Protection Bureau (CFPB), which will have unlimited authority to dictate which financial products can and cannot be available to American consumers. 

In addition, the Dodd-Frank bill gives the government permanent authority to extend federal guarantees and loans to financially troubled large institutions for the sake of "financial stability” – companies could be propped up indefinitely.  It is vital that we end this unchecked authority, in order to safeguard the hard-earned tax dollars of Wyoming workers.