Senate Trio Co-Sponsoring Bill That Would Cripple Consumer Bureau Has Taken $5.3 Million from CFPB Regulated Industries

“These Senators Have Received More Than $5 Million from Powerful Financial Interests to Re-stack the Deck Against Consumers.”

WASHINGTON, D.C. – Today, responding to news that Senators Deb Fischer (R-NE), John Barrasso (R-WY), and Ron Johnson (R-WI) have introduced legislation to cripple the Consumer Financial Protection Bureau (CFPB), Allied Progress pointed out that the Senate trio has received millions from industries regulated by the Consumer Bureau.

In fact, according to analysis from the Center for Responsive Politics, Sens. Fischer, Barrasso, and Johnson have taken at least $5,346,362 from such industries over the course of their careers:

Allied Progress released the following statement from its executive director, Karl Frisch:

“The Consumer Bureau has returned more than $12 billion to 27 million Americans who were wronged by credit card companies, payday lenders, debt collectors and other predatory financial industries. These three senators have received more than $5 million from powerful financial interests that don’t want to be under watch of the CFPB anymore. Instead, they want the freedom to re-stack the deck against consumers. We can’t let this happen.”

“Over the past five years, the Consumer Bureau has done more to ‘un-rig’ the system than just about any government agency in years. Wall Street insiders and powerful financial interests know this to be true. That’s why they’ve showered Congress with money in hopes that it will destroy the Bureau and once again allow them to run roughshod over the American people.”

Consumer Bureau Facts

  • The Consumer Bureau also has successfully resolved more than ninety enforcement cases against both big banks and small-time fraudsters. [Ben White and Andrew Hanna, “The Permanent Crisis in Banking,” Politico, October 6, 2016.]

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To speak with Allied Progress about this release, please contact Mike Czin, 202-286-7654.

Allied Progress is a nationwide, progressive advocacy organization that uses hard-hitting research and creative campaigns to hold Wall Street and powerful special interests accountable. Since launching in 2015, the organization has led high-profile campaigns on several issues including reforming the payday lending industry and exposing the those working to cripple the Consumer Financial Protection Bureau (CFPB).


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