Consumer Protection and Financial Reform

As American families struggle to recover from the damage caused by the financial collapse, it is critical that our government utilize every tool available to prevent future financial calamity.  David has consistently supported measures to provide proper oversight and regulation of the financial services industry.

The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted into law in 2010 to help curtail the excesses of Wall Street and give consumers the meaningful protections they deserve. David strongly opposes Republican efforts to roll back the landmark Dodd-Frank reforms because it is imperative that the excesses of Wall Street never again threaten the well being and financial security of everyday Americans on Main Street. 

In Congress, David is working hard to ensure that we maintain strong protections for consumers, especially through the Consumer Financial Protection Bureau (CFPB), which was created to guard against abusive practices and predatory lending.  David strongly opposes Republican efforts to undermine CFPB authority or circumvent its effectiveness by restricting its funding. 

In order to crack down on the greed and excess on Wall Street, David is a co-sponsor of the Return to Prudent Banking Act, which would reinstate the Glass-Steagall financial regulations that separated investment banking activities from commercial banks.  He also joined colleagues in writing to Federal Reserve Chairman Bernanke to adopt a strong Volcker rule that prohibits banks from engaging in proprietary trading, the making of risky bets with their own money.  Furthermore, when banks started to talk about charging customers a debit card fee, David introduced legislation, H.R. 3190, that would prohibit banks from imposing fees on consumers for using their debit cards.  

David has also called upon the U.S. Attorney General to reject any settlement proposal with Wall Street Banks that does not hold those responsible for the housing crisis fully accountable.  In addition, he joined colleagues in writing to the U.S. Attorney General and the Chairman of the Commodity Futures Trading Commission urging thorough investigations into the oil futures markets for illegal actions that contribute to artificially inflated gas prices for consumers.