Press Releases

Rep. Peters Votes to Protect Consumer Protection Bureau

WASHINGTON, D.C. – Today, Congressman Scott Peters (CA-52) voted against efforts to undermine the Consumer Financial Protection Bureau (CFPB) and continued his support for programs that protect Americans from fraud and predatory practices. The CFPB was established in the wake of the 2008 financial collapse to help safeguard the American people from future financial sector malfeasance.

“Protecting American consumers from deceptive and unfair practices should be the goal of any bill making changes to the CFPB; unfortunately today’s bill would undercut the Bureau’s ability to carry out its essential work,” Rep. Peters said. “As we work to grow the economy, San Diegans should have confidence that abuses in the financial marketplace are being prevented, that competition and transparency are increasing, and that there are more resources available for financial planning and student loan assistance.”

H.R. 1195, which Rep. Peters opposed today, would cut funding for the CFPB by $50 million in Fiscal Year 2020 and nearly $100 million in Fiscal Year 2025.