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Watchdog: MAGA House Scraps Key Consumer Protection Subcommittees In First of Many Gifts to Financial Industry Donors [1]
['Molly Kozlowski']
Date: 2023-01-12 21:28:20+00:00
Today the new MAGA-led House Financial Services Committee dispelled any doubt of their intent to do the bidding of the financial industries over the interests of everyday families. Chairman Patrick McHenry (R-NC) announced the list of new subcommittees that notably eliminated the Diversity and Inclusion Subcommittee and references to “consumer protection,” “investor protection,” or “community development” in subcommittee titles. Earlier this week, McHenry – a Wall Street money vacuum and longtime adversary of federal consumer protection efforts – was named HFSC Chairman. Equally concerning for consumers, former banker turned congressman, Blaine Luetkemeyer (R-MO), has been tapped to run the powerful National Security, Illicit Finance, and International Financial Institutions subcommittee.
The new majority has quickly shown their true colors after eliminating the former Consumer Protection and Financial Institutions subcommittee, instead opting to sharpen their knives for the CFPB under the newly created Subcommittee on Financial Institutions and Monetary Policy, chaired by vocal CFPB critic Andy Barr (R-KY). Government watchdog Accountable.US has detailed the new HFSC leadership’s ties to industries which portends an agenda written by-and-for Wall Street, big banks and predatory lenders at the expense of everyday American families.
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[1] Url:
https://accountable.us/watchdog-maga-house-scraps-key-consumer-protection-subcommittees-in-first-of-many-gifts-to-financial-industry-donors/
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