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.
- 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 |
ey provisions championed by U.S. Senator Jack Reed (D-RI) to help protect consumers from questionable mortgage practices will be going into effect as part of the Consumer Financial Protection Bureau’s (CFPB) new rules against foreclosure abuses. For years, Reed, a seni...Posted on 1/17/2013 |
Senate Unanimously Approves Reed Amendment to Protect Military Families from High-Cost Loans and Unfair Credit Practices
In a victory for military families, the U.S. Senate today approved Senator Jack Reed’s (D-RI) amendment to the 2012 Defense Authorization bill to crack down on unscrupulous lenders and help prevent them from charging excessive fees to soldiers and their families. In 20...Posted on 12/3/2012 |
After a Wall Street Journal report this week indicated how travel software company Orbitz often displays more expensive hotel options in search results for Mac users than...Posted on 6/27/2012 |
Posted on 6/26/2012 |
WASHINGTON - Democratic senators pressed their case Tuesday for several legislative measures that would provide greater financial protections to members of the military. Service members ought to have stronger protections regarding payday loans, private student loans and foreclosures, Democrats argue...Posted on 6/26/2012 |