I am your constituent. I am writing to urge you to oppose any provision in the upcoming budget reconciliation bill that defunds, restructures, or otherwise weakens the Consumer Financial Protection Bureau (CFPB).
The CFPB was designed to be independent for a reason, to shield it from political interference and ensure it could act swiftly to stop financial fraud, deception, and abuse. Moving its funding under the congressional appropriations process would open the door for Wall Street lobbyists to influence how the agency operates, threatening its mission and effectiveness.
The CFPB has won relief worth more than $21 billion to harmed consumers, reined in junk fees, protected people from payday lenders, and fought racial discrimination in lending. It is one of the most effective federal agencies when it comes to holding powerful financial institutions accountable.
Any attempt to alter the CFPB’s structure through reconciliation is a thinly veiled attempt to dismantle consumer protection and people will remember who stood with Wall Street and who stood with the people.
Please reject any amendment or proposal in reconciliation that touches the CFPB’s funding, structure, or enforcement powers.
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