ICYMI, on Thursday, Senator Reverend Warnock joined CNBC’s “The Exchange” to discuss what he is doing to address the harm of junk fees in our economy and make life more affordable
Interview followed a Wednesday hearing of the Senate Banking Subcommittee on Financial Institutions and Consumer Protection, chaired by Senator Reverend Warnock, examining how junk fees and predatory practices hurt the wallets of everyday Americans
Senator Reverend Warnock also discussed his efforts to ban congressional stock trading – MORE HERE
Senator Reverend Warnock on CNBC: “The government has a role to play and a responsibility to protect consumers — and that is something that I remain laser focused on as Chair of Financial Institutions and Consumer Protection [subcommittee] for the Banking and Housing Committee for the United States Senate”
Washington, D.C. – On Thursday, U.S. Senator Reverend Raphael Warnock (D-GA) continued his push to make life more affordable for Georgians and Americans, joining CNBC’s “The Exchange” to discuss what he is doing to alleviate the harmful effects of junk fees on American’s wallets and in our economy, and how the federal government has a responsibility to address these fees to lower costs for workers and families. This follows Wednesday’s hearing of Senator Warnock’s Senate Banking Subcommittee on Financial Institutions and Consumer Protection, which explored how junk fees and predatory practices hurt the wallets of everyday Americans and promoted the role of federal agencies like the Consumer Financial Protection Bureau (CFPB) in guarding consumers from these practices.
“[Junk fees are] a drag on the economy. Not only is it right addressing this in order to protect the ordinary consumer, not only is it the right thing to do, it’s the smart thing to do. This is adding no value to the American economy at all,” said Senator Reverend Warnock.
“The government has a role to play and a responsibility to protect consumers — and that is something that I remain laser focused on as Chair of Financial Institutions and Consumer Protection [subcommittee] for the Banking and Housing Committee for the United States Senate,” Senator Warnock added.
In addition to discussing his efforts to combat detrimental junk fees, during the interview Senator Warnock also spoke about the bipartisan work he’s doing to ban Congressional stock trading.
“The reason why I’m able to speak in a clear voice about [combatting junk fees] is that I’m not owned by any of these companies. And I don’t own individual stocks, [sic]. And so, when I make decisions about what we ought to be doing to protect consumers, I’m guided by what’s best for the people at home. And I’m not thinking about how this will impact my own pocketbook. And so it’s about conflicts of interest. It’s about transparency. It’s about making sure that the people who send us here to represent them can be assured that we are representing them, that we’re thinking about them that we’re centering their interests, as we make important decisions about a whole range of issues,” said Senator Warnock.
Senator Warnock has long worked to lower everyday costs on Georgians and is a dedicated champion for Georgia consumers, having been a leading voice in Washington pushing to hold big banks and major corporations to account for reckless and greedy behavior.
Read Senator Warnock’s remarks from Wednesday’s subcommittee hearing HERE.
Watch full video of Wednesday’s Senate Banking subcommittee hearing HERE.