Championing Consumer Rights
Senator Reed is dedicated to protecting consumers and ensuring they have the information they need to make informed choices.
A senior member of the Banking Committee, Reed authored several key pieces of the historic Wall Street Reform and Consumer Protection Act to bring transparency and accountability to Wall Street. Most notably, Reed championed a provision to establish the new Consumer Financial Protection Bureau that will prevent deceptive practices and provide consumers with the information they need to make informed choices when shopping for mortgages, credit cards, and other financial products.
Reed has fought to ban unfair credit card practices and authored legislation to improve consumer disclosures on mortgages and provide stronger protections and better alternatives for families facing foreclosure.
In recognition of his dedication to protecting U.S. consumers, the pro-consumer advocacy Consumer Federation of America (CFA) honored Senator Reed with its Philip Hart Public Service Award for championing issues that better the lives of working Americans.
Key Priorities & Accomplishments
- Reed helped pass the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act, which President Obama signed into law, establishing fair and sensible rules for how and when credit card companies can raise interest rates.
- Successfully pressured the Food and Drug Administration (FDA) to strengthen labeling and testing standards for sunscreen products.
- Cosponsored legislation to crack down on gas and oil market manipulation and pushed for federal task forces to ferret out unscrupulous and excessive speculative conduct in the energy commodity markets.
- Authored a provision in the Affordable Care Act that will require prescription drug promotional advertisements and labeling to contain easy to understand “fact boxes” that will give patients and doctors credible, accessible information about how well drugs work and their potential side effects.
In an effort to protect investors and the integrity of the Financial Industry Regulatory Authority’s (FINRA) BrokerCheck program, U.S. Senators Jack Reed (D-RI) and Chuck Grassley (R-IA) today sent a bipartisan letter asking FINRA to clarify and strengthen standards for expung...Posted on 12/16/2013 |
In an effort to protect taxpayers, hold corporate wrongdoers accountable, and deter future fraud and abuse, U.S. Senators Jack Reed (D-RI) and Chuck Grassley (R-IA) are introducing legislation to rescind tax write-offs for illegal corporate behavior. The bipartisan Government...Posted on 11/6/2013 |
In an effort to protect soldiers and their families from abusive financial practices, a group of 23 U.S. Senators, led by Jack Reed (D-RI), Dick Durbin (D-IL), and Mark Udall (D-CO), is urging Department of Defense (DOD) Secretary Chuck Hagel to close a loophole that allows lenders...Posted on 8/1/2013 |
Posted on 7/16/2013 |
Ending a nearly two year standoff, the U.S. Senate today voted 66-34 to confirm Richard Cordray to be the Director of the Consumer Financial Protection Bureau (CFPB). U.S. Senator Jack Reed (D-RI), who helped created the CFPB, called the vote a “major victory for consume...Posted on 7/16/2013 |
- The Senate Banking Committee today approved the nominations of Richard Cordray to lead the Consumer Financial Protection Bureau (CFPB) and Mary Jo White to head the Securities and Exchange Commission (SEC). Calling for greater accountability on Wall Street and stronger consumer pro...Posted on 3/19/2013 |
In an effort to protect consumers and crack down on financial fraud and abuse, U.S. Senators Jack Reed (D-RI), Sherrod Brown (D-OH), and Elizabeth Warren (D-MA) today called on Republicans to end unprecedented obstruction and allow an up or down vote on Richard Cordray’s nomin...Posted on 2/13/2013 |