We applaud the nomination of Rohit Chopra to lead the CFPB. His commitment to consumer protection, his effectiveness at using the tools of government to serve the public interest, and his willingness to challenge powerful corporate interests when necessary are exactly what the Bureau needs to fulfill its crucial consumer protection mission.
“This bill is an important step in restoring the real economy for white, Black and brown working families, especially in this time of rising unemployment due to the global pandemic. The Wall Street Tax Act would both help protect working people from the most acute impacts of risky Wall Street behavior and raise revenue that could be used for critical public services and investments.”
Today, more than 325 organizations sent an updated letter to President-Elect Biden and Vice President-Elect Harris, calling on them to use executive authority to cancel federal student debt on day one of their administration. The letter highlights that cancelling student debt would stimulate the economy, help reduce racial wealth gaps, and could have a positive impact on health outcomes. The groups write that “executive action is one of the few available tools that could immediately provide a boost to upwards of 44 million borrowers and the economy.” Further, this action would be an important first step in advancing the President-Elect’s campaign priorities to ensure racial equity, focus on economic recovery, and deliver COVID-19 relief.
The Department of Labor today dealt another blow to sustainable investing with a new rule aimed at private retirement plan fiduciaries. Incoming leadership at DOL must quickly reverse course on this rule and facilitate, rather than hinder, responsible retirement investing.
Gary Gensler has a strong track record from his time at the Commodities Futures Trading Commission of being willing to take on powerful industries. Under his leadership, this small and underfunded agency led the way to the first comprehensive regulation of U.S. over-the-counter derivatives markets, despite heavy opposition from industry lobbyists. Gensler will need to bring the same spirit and drive to the even greater task of bringing needed reform to the Securities and Exchange Commission.
Betsy DeVos spent her tenure at the Department of Education fighting against the legal rights of defrauded student loan borrowers at every turn. She rolled back protections, defied court orders, and even complained, when the law required her to execute debt cancellations previously approved by the Obama administration, that she did so with “with extreme displeasure.” And in her final days as Secretary, she condemned debt cancellation, even as the pandemic and economic crisis continues to rage, and student loan borrowers need every break they can get. We look forward to a Department of Education that works toward broad-based debt cancellation, and understands its mission is to protect students, not predatory institutions .