FOR IMMEDIATE RELEASE
Nov. 6, 2023
House Funding Bill Would Undermine Consumer Protections and Benefit Corporations
Washington, D.C. – House Republicans are moving forward with a funding bill (H.R. 4664) that would undermine much-needed consumer protections, roll back hard-fought reforms of Wall Street, and hamper our country’s ability to address the financial risks from climate change.
“This bill is not only dangerous for workers investing for their retirement, small business owners, and consumers but it also perpetuates a dangerous dynamic where lawmakers are pressured to accept harmful provisions in order to keep the government operating,” said Renita Marcellin, legislative and advocacy director at Americans for Financial Reform. “Every member of the House should reject these amendments, which would dramatically weaken oversight of Wall Street and predatory lenders, and threaten the economic security of families, communities, and businesses across the country.”
House Republicans are poised to approve a funding bill packed with ideological policy provisions that have no business being added to such a measure. The policy riders and amendments would dramatically hinder our government’s ability to rein in predatory lending; to require companies to disclose material risks to investors; and to fight discriminatory lending practices that harm small business owners.
AFR and many of our partners have previously called on Congress to reject many of the provisions in this bill, including ending the reliable funding stream to the CFPB; blocking the SEC from requiring companies to disclose their climate-related risks; and stopping the FHFA from making the necessary changes to make homeownership more affordable and accessible.