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Citizen Fact Check

on Financial Regulation Votes 2019-2020

A constituent resource for separating truth from fiction
about lawmakers' stands on finance & consumer issues.
1. Prohibiting Wage Discrimination Against Women
(Votes Lookup at Roll Call #134)
Voting 242-187, the House on March 27, 2019, passed a bill (HR 7) that would expand federal prohibitions on paycheck discrimination based on gender while giving women additional legal tools for obtaining equal pay for substantially equal work. The bill, which exempts companies with annual revenue under $500,000, would require employers to demonstrate that any gender pay disparities are a business necessity and job-related; prohibit retaliation against those who share salary data with co-workers; prohibit the use of salary histories in setting pay levels, so that sex-based pay gaps do not follow workers from job to job; and allow plaintiffs to receive unlimited punitive and compensatory damages just as they can in other civil-rights litigation. A yes vote was to pass the bill.

2. Rearming Consumer Financial Protection Bureau
(Votes Lookup at Roll Call #228)
The House on May 22, 2019, voted, 231-191, to restore Consumer Financial Protection Bureau powers that the Trump administration has scaled back or revoked. The bill (HR 1500) would rearm the independent agency for its original mission of regulating household-level financial-services companies including credit cards, mortgage firms and payday lenders. In part, the bill would reconstitute an office charged with overseeing the student loan industry; increase rank-and-file staff levels; eliminate slots created for political appointees; restore aggressive regulation of payday lenders; and strengthen enforcement of the Military Lending Act, which caps interest rates on payday and auto loans to military families. A yes vote was to pass the bill.

3. Exerting Congressional Control Over Consumer Bureau
(Votes Lookup at Roll Call #224)
Voting 192-235 against, the House on May 22, 2019, defeated a Republican-sponsored amendment to HR 1500 (above) that sought to include the Consumer Financial Protection Bureau budget in the congressional appropriations process, enabling lawmakers to control the independent agency. The bureau now receives its annual budget of about $600 million from the Federal Reserve with no strings attached. The Fed uses interest earned on government securities in its portfolio as the main funding source. A yes vote was to adopt the amendment.