Warren for Senate: [link removed]

Today
the Supreme Court heard arguments in a case to determine whether the
Consumer Financial Protection Bureau is constitutional. (Spoiler alert: It
is.)

This hearing also falls on a significant anniversary: 15 years ago today
was when Congress bailed out the big banks responsible for crashing our
economy and throwing millions of Americans out of work. In the aftermath,
I fought to hold these big banks accountable and protect consumers from
predatory financial institutions, and we created the Consumer Financial
Protection Bureau.

The agency was designed to protect consumers from the tricks and traps of
financial institutions and corporations. It eliminates junk fees, cracks
down on payday lenders who prey on military families, and watches out for
first-time homebuyers scammed by mortgage lenders — just to name a few
services. So far, the agency has returned over $17 billion to Americans
who have been cheated.

So of course financial institutions have an issue with it — and Wall
Street banks and payday lenders are hoping the Supreme Court will gut it
through this case.

[ [link removed] ]My colleagues Sherrod Brown and Raphael Warnock and I put together an
explainer video on the case. You can watch it here — and please share it
to help get the word out about what's going on.

[ [link removed] ]A screenshot from the video explainer

 

[ [link removed] ]WATCH ON FACEBOOK

[ [link removed] ]WATCH ON INSTAGRAM

[ [link removed] ]WATCH ON TWITTER

Basically, these special interests that the agency protects consumers from
are asking the Supreme Court to invalidate the CFPB’s independent funding
structure. That would leave funding up to Congress every year, and at the
whim of whoever the heck is going to lead Republicans’ extremist
majorities.

If the Supreme Court says that Congress doesn't have the power to set up
government agencies and laws without going through appropriations, other
programs like Social Security and Medicare — that are funded the same way
the CFPB is — could also be at risk. The implications of this case could
echo through the lives of every person in the country.

Look, the only option is for the Supreme Court to outright reject this
bogus challenge and affirm the constitutionality of the CFPB. And I’m
going to keep fighting for this.

Alongside this grassroots team and a terrific array of labor unions, civil
rights groups, consumer advocates, and more, I fought tooth and nail to
turn the CFPB from an unlikely idea to a concrete, consumer-protecting
reality. And I won’t stop fighting to keep it that way.

Stay tuned for more updates.

Thanks for being a part of this,

Elizabeth







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