WASHINGTON — The Consumer Federation of America said Tuesday that last week’s midterm results show voters want Congress to focus on the cost of living, and it delivered a policy roadmap to members newly elected to the 120th Congress.
The federation, an association of nearly 250 nonprofit consumer organizations founded in 1968, first released its “Blueprint for a Consumer-First Congress” in June. The group said it has republished the plan and shared it with incoming lawmakers.
“The American people spoke loudly and clearly on Election Day – their number one issue is affordability,” said Susan Weinstock, the federation’s president and CEO. “Families are struggling to cover the rising cost of living.”
Weinstock said consumers are also “constantly confronted with online scams, unsafe products, and an invasive surveillance economy.” She said the blueprint lays out practical steps Congress can take toward a fairer and more affordable marketplace.
Among its financial recommendations, the group urges passage of the SCAM Act, a 36% cap on the all-in annual interest rate for consumer loans, limits on buy-now-pay-later late fees and funding for the Consumer Financial Protection Bureau of at least 12% of the Federal Reserve’s operating expenses. The document says financial scams cost Americans more than $100 billion a year.
On technology, the federation calls for a comprehensive federal privacy law that limits data collection and lets consumers sue, a ban on data brokers selling sensitive information and new rules for AI chatbots.
On housing, the group cites an estimated shortage of 4 million homes and recommends expanding Section 8 vouchers. It says requiring Federal Home Loan Banks to devote at least 30% of net income to affordable housing, up from 10%, would free an estimated $1.2 billion a year.
Other proposals include ending subscription traps, creating a separate utility rate class for data centers, a moratorium on food and agriculture mergers, banning credit-based insurance scores, removing caps on product-safety civil penalties and stronger airline passenger protections. The blueprint also asks Congress to protect states’ power to regulate prediction markets and to bar elected officials from trading individual stocks.
This report is based on information from the Consumer Federation of America.
Source: Consumer Federation of America
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