Financial Services
Ensuring a Fair and Stable Financial System for All Americans
Whether purchasing a home, buying a car, starting a business, or saving for retirement, every American relies on a stable and fair financial system to pursue their dreams. However, the economic instability caused by the 2008 financial crisis, the COVID-19 recession, and ongoing inflationary pressures has made it clear that strong consumer protections and responsible financial policies are essential.
During my tenure on the House Committee on Financial Services, I worked on critical reforms to prevent predatory lending, protect homeowners from foreclosure, and hold financial institutions accountable for reckless and irresponsible behavior. I remain committed to ensuring that working families, small businesses, and retirees have access to fair credit, transparent banking services, and a financial system that works for them—not just for Wall Street.
Strengthening Financial Regulations – Protecting Americans from Another Crisis
The 2008 financial crisis was a wake-up call that unchecked corporate greed and a lack of oversight can devastate millions of hardworking Americans. To prevent another financial catastrophe, I proudly co-sponsored the Wall Street Reform and Consumer Protection Act (Dodd-Frank), a landmark piece of legislation that put safeguards in place to protect homeowners, borrowers, and the broader economy. This legislation ended taxpayer-funded bailouts of big banks, prevented the predatory lending practices that led to the foreclosure crisis, and increased oversight of Wall Street to ensure financial institutions are held accountable for risky investments.
Additionally, Dodd-Frank created the Consumer Financial Protection Bureau (CFPB), an independent watchdog agency tasked with protecting consumers from fraud, hidden fees, and deceptive financial practices. Despite the success of Dodd-Frank, special interests have spent years trying to dismantle these protections, putting everyday Americans at risk. I will continue to fight against reckless deregulation that prioritizes corporate profits over consumer security.
Protecting Consumers from Financial Abuse
The Great Recession and subsequent economic crises demonstrated the need for stronger consumer protections to prevent predatory lending, deceptive credit card terms, and hidden fees that trap Americans in cycles of debt. That is why I strongly supported the creation of the Consumer Financial Protection Bureau (CFPB), which ensures fairness, transparency, and accountability within the financial industry.
The CFPB plays a critical role in holding credit card companies accountable by cracking down on unfair rate hikes and excessive fees. It ensures that mortgage lenders provide clear and honest terms to borrowers and prevents hidden clauses that led to the foreclosure crisis. The agency also works to end forced arbitration, a practice that allows Wall Street firms to deny consumers the right to legal recourse by burying unfair clauses in fine print.
However, the CFPB has been under constant attack from corporate interests trying to weaken its power. I will continue to defend and expand the CFPB’s ability to protect consumers and ensure that banking and lending practices are fair and transparent.
Ensuring Fair Credit Practices & Protecting Borrowers
Predatory lending, unfair credit card practices, and exploitative student loan terms have trapped millions of Americans in debt. That is why I fought for and helped pass the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act, which curbed industry abuses and created a fairer credit system. This legislation stopped sudden interest rate hikes on existing balances, reduced excessive late fees, eliminated unfair over-limit fees, and increased transparency so that credit card holders fully understand their financial obligations.
Moving forward, I support expanding fair credit laws to prevent payday lenders, private student loan companies, and other predatory financial institutions from exploiting vulnerable borrowers. The financial system should work for all Americans, not just those with wealth and privilege.
Expanding Access to Homeownership & Affordable Housing
Owning a home is a cornerstone of the American Dream, yet skyrocketing housing costs and corporate speculation have made it increasingly difficult for working families to buy a home. We must do more to protect homeowners from foreclosure by supporting foreclosure prevention programs and ensuring fair mortgage refinancing options.
Additionally, increasing the supply of affordable housing must be a priority. I support investments in housing construction and rental assistance programs to ensure that all Americans have access to safe and stable housing. At the same time, we must hold Wall Street landlords accountable by preventing hedge funds and corporate investors from artificially inflating housing prices, which makes it even harder for families to buy a home. Housing should be a right, not a privilege, and I will continue to push for policies that make homeownership accessible and affordable for all Americans.
Improving Financial Literacy & Economic Opportunity
The financial system has become more complex, and too many Americans struggle with student loans, credit card debt, and a lack of retirement savings. Early financial education is critical to ensuring that young people and working families make informed decisions about their financial future.
That is why I introduced the Young Adults Financial Literacy Act, which provides funding for financial education programs in high schools and colleges. This legislation expands access to budgeting, credit management, and retirement planning resources, empowering young people to avoid predatory lending practices and build long-term financial stability. By ensuring that every American has the tools to manage their finances effectively, we can reduce wealth inequality, increase financial security, and help families build generational wealth.
Addressing the Future of Finance – Digital Banking, Cryptocurrency, and Financial Technology
The financial landscape is rapidly evolving, and new technologies such as digital banking, financial technology (fintech), and cryptocurrencies are changing the way people save, invest, and conduct transactions. However, a lack of oversight in these industries has created new risks for consumers.
We must do more to protect consumers from cryptocurrency scams by establishing stronger regulations to prevent fraud and market manipulation. Fintech companies must also be held accountable for data privacy and fair lending practices to ensure that consumers are not taken advantage of by unregulated financial products. Additionally, we must modernize financial regulations to ensure that emerging financial technologies benefit everyday Americans rather than just Wall Street and Silicon Valley.
Innovation in the financial sector should expand opportunity, not exploit working families. I will continue to work to ensure that new financial tools are safe, transparent, and beneficial for all Americans.
A Financial System That Works for Everyone, Not Just Wall Street
America’s economy should work for everyone, not just big banks, hedge funds, and billionaires. To build a fairer and more stable financial system, we must defend consumer protections against reckless deregulation, expand access to fair credit and banking services, and hold financial institutions accountable for predatory practices. Additionally, we must ensure that all Americans have access to financial literacy resources so they can make informed economic decisions and build financial security for the future.
With strong leadership, bold reforms, and policies that prioritize working families, we can create an economy where every American has the opportunity to succeed. I remain committed to ensuring that our financial system works for all, not just those at the top.