Author: MIL-OSI Publisher

Source: United States House of Representatives – Congressman Juan Vargas (CA-51)

March 26, 2025

WASHINGTON – During a Financial Services Committee hearing today, U.S. Representative Juan Vargas (CA-52) called out the Trump Administration’s efforts to dismantle the Consumer Financial Protection Bureau (CFPB) – an agency that has returned more than $21 billion to families scammed by big banks and other financial institutions – and leave military families and seniors more vulnerable. President Trump and DOGE have moved rapidly to gut the CFPB by cutting off funding, firing staff, and shutting down its headquarters. 

Watch Rep. Vargas’s questions to former Consumer Financial Protection Bureau General Counsel and Senior Advisor to the Director Seth Frotman HERE. Read Rep. Vargas’s questioning: 

VARGAS: 

I represent the San Diego region and the San Diego region is blessed by having the Navy there and many, many military personnel and we’re very blessed because many of them stay there. They retire there, but unfortunately, they become victims often times of financial

scams. 

In San Diego, in the San Diego region, we have 96% more CFPB consumer complaints filed by servicemembers. You know that, I’m sure. 

Could you talk a little bit about what is happening right now and how we’ve helped them before and how we’re not helping them right now because I’m getting these complaints right now from people, and they’re saying they’re calling, there’s nobody there.

FROTMAN:

Thank you so much for the question, Congressman. I’ve actually visited the Marine Corps depot training facility with Holly Petraeus. So, this is critically important. You know, one of the central tasks that Congress directed the CFPB to do was look after military families. And the track record of the Bureau across administrations before the most recent change, I think, was stellar. 

We got back more than $200 million dollars for military families through enforcement actions. We helped with 400,000 complaints. And what you see now is just devastating to military families. They told the people who staff the office that the Congress required, the Office of Servicemember Affairs, to stop working. They broke the complaint system. 

So we’ve heard a ton today about overreach. We’ve heard these amorphous vague comments about CFPB overreach. Is it overreach when the Bureau took enforcement actions against a bunch of scammers who ripped off military families, who ripped off veterans, who ripped off retirees? 

We’ve heard a lot of the abstracts about the Bureau and the prior leadership, but we haven’t heard specifics because I think that is what, this is one example of exactly what the Bureau was tasked to do, and they’re not doing right now.

VARGAS: 

The other thing that I think is very important also is to talk about [the] elderly. You know, again, San Diego is a young town, but it’s not that young. I mean, a number of us are retired… and there’s a lot of scams, again, against elderly. And… before I got all these positive comments about how the CFPB was doing their job. Now I’m getting all these complaints because nobody’s there. Could you comment about that?

FROTMAN: 

That’s correct. The Acting Director Vought told the Office of Older Americans to stop working. People who submit complaints about themselves or an elderly parent or grandparent saw that system broken. 

So, you know, there’s been a lot of charges leveled, but I think one of the things that I think we all agree on is that the CFPB needs to work. The CFPB needs to work on behalf of consumers and servicemembers and older Americans. It needs to work on behalf of honest businesses, and it’s not now. The inspectors that are supposed to take care of service members and older Americans are sitting at home instead of doing their job.

VARGAS: 

Mr. Frotman, I want this on the record because I think that I’ve been around long enough now that you see cycles. And the unfortunate cycles are this: we’ve talked about predators and we’ve seen this. Oftentimes my colleagues on the other side ultimately control government and then you do see an overreach all right, but by the banks and others, and we get into a financial slide. And then we get into a recession, and then we get into real trouble. And then consumers, we saw in 2008, get ripped off. So we heard today that the CFPB is the predator, that you guys are the predator, that you were the predator. Could you straighten the record out on that, and I want this on the record because I think it’s gonna happen again. I want to make sure that you tell the truth. Go ahead, sir. 

FROTMAN: 

Thank you so much. So, you know, we’ve heard a lot of attacks on CFPB leadership, but these are really attacks on dedicated public servants who wake up every single day just trying to make their neighborhood safe.

So many of us who work at the CFPB lived through the financial crisis and watched community after community decimated while a bunch of billionaire bankers got off scot-free. And what we do every day at the Bureau, or what we did every day at the Bureau, was to try to make sure that doesn’t happen again.

What is happening now at the Bureau, where there is no oversight over massive non-banks in this country, is bad for businesses, it is bad for consumers, and they are setting up the situation that will, there will be another financial crisis in this country, and you all, or the people sitting in the chairs after you, will be forced to deal with it once again.

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Source: United States House of Representatives – Congressman Juan Vargas (CA-51)

Source: United States House of Representatives – Congressman Juan Vargas (CA-51)

Source: United States House of Representatives – Congressman Juan Vargas (CA-51)

March 04, 2025

WASHINGTON – Today, U.S. Representative Juan Vargas (CA-52), Ranking Member of the House Financial Services Committee’s Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity, delivered opening remarks at the Task Force’s first hearing. 

“Through this Task Force, I look forward to discussing important issues that affect our constituents and the entire economy, including the Federal Reserve’s monetary policy framework review, the supplemental leverage ratio, and the debate between rule-based and discretionary monetary policy. But I also plan to defend my core principles,” said Ranking Member Vargas. “Two of those core principles are my belief in the importance of the Fed’s dual mandate, and the need to protect the Fed’s independence.”

Watch Ranking Member Vargas’s opening remarks HERE. Read Ranking Member Vargas’s opening remarks as delivered:  

Good morning, Mr. Chairman, and thank you very much for introducing me. And again, good morning to everybody else. 

Let me congratulate you on being named as Chairman of this Task Force. As you know, I have a great deal of respect for you. 

When I first came to Congress 13 years ago, I was on the Agriculture Committee, which you chaired, and I thought that you treated everyone evenhandedly, straightforward, and honestly. And I appreciate that. And I look forward to working with you together on issues where we find common ground.

Through this Task Force, I look forward to discussing important issues that affect our constituents and the entire economy, including the Federal Reserve’s monetary policy framework review, the supplemental leverage ratio, and the debate between rule-based and discretionary monetary policy. 

But I also plan to defend my core principles, and I know you will. 

Two of those core principles are my belief in the importance of the Fed’s dual mandate, and the need to protect the Fed’s independence. 

The importance, first, of the dual mandate. As members of this Task Force we are well aware that the Fed’s dual mandate was established in 1977.

The amendments to the Federal Reserve Act passed that year tasked the Fed with two important goals – to create economic conditions that achieve both maximum employment and stable prices.

The inclusion of employment was no accident. The addition was thanks in large part to the work of Coretta Scott King and many in the labor movement.

Some have argued that the Fed Reserve’s dual mandate has been a distraction from solely focusing on price stability. But maximum employment should not be on the chopping block. 

When Congress charged the Fed with this dual mandate, it recognized that having access to a job is a signal of a healthy economy.

Preventing the Fed from addressing employment would misunderstand the key way that many Americans experience the economy. And it would also disproportionately hurt working-class people.

Low employment harms Americans who are already living on the edge – working multiple jobs, and surviving paycheck to paycheck.

Chairman Powell has said that the dual mandate has “served us well” and that he “doesn’t see the case” to move forward with a single mandate of price stability. And I agree. 

As Ranking Member, I intend to continue to advocate for the importance of preserving the Fed’s dual mandate.

Now with respect to the independence of the Fed – another area where the Fed has come under increased scrutiny – is its independence.

The research is clear that central banks around the world function at their best when they’re allowed to operate independently.

Elected officials mostly operate on a short-term horizon, responding to short-term political incentives. 

But the Fed must make decisions considering a much longer time horizon. That is why it is critical that monetary policy be insulated from external political pressure.

The President’s recent executive order requiring independent agencies to submit proposed regulatory actions, strategic plans, and priorities to the White House for review only makes this issue more important.

And it’s also worrisome that now Treasury Secretary Scott Bessent has floated the idea of creating a shadow Fed chair before Chairman Powell’s term expires in May of 2026.

We in Congress, regardless of political party, must continue to strongly defend the independence of the Fed.

The new Administration has brought in a wave of uncertainty.

Whether it’s tariffs or the future independence of the Fed, our constituents are increasingly unsure of their economic future.

We see it in recent national consumer sentiment numbers, which have shown that consumer confidence fell by seven points in the most recent Conference Board’s Consumer Confidence Survey.

And I’m hearing from businesses in my district in San Diego who are increasingly concerned about the impact that tariffs and trade wars will have on the economy

I hope that this Task Force will provide a forum for substantive debate and collaboration on these issues that impact our constituents. I’m looking forward to it.

And with that I yield back.

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Source: United States House of Representatives – Congressman Juan Vargas (CA-51)

Source: United States House of Representatives – Congressman Danny K Davis (7th District of Illinois)

The bill would prevent and address intentional misuse of subgrant funds under the Temporary Assistance for Needy Families (TANF) program.

Source: United States House of Representatives – Congressman Danny K Davis (7th District of Illinois)

Statement from Congressman Danny K. Davis on 

White House Meeting with President Zelensky

Chicago, IL – Congressman Danny K. Davis issued the following statement in response to the White House meeting with Ukrainian President Volodymyr Zelensky:

“The actions of President Trump and his administration continue to undermine America’s credibility on the world stage. Today’s White House meeting with President Zelensky was not only profoundly unfortunate but also served to embolden Vladimir Putin and his campaign of aggression. The United States must remain steadfast in its commitment to democracy rather than rewarding those who seek to dismantle it.

For three years, President Zelensky and the people of Ukraine have bravely defended their sovereignty against Russia’s unjust invasion. Their fight is not just for their nation—it is a fight for democracy, freedom, and the rule of law. It is in America’s national security interest to stand with Ukraine until victory is achieved.

I will continue to support efforts to provide Ukraine with the resources necessary to defend itself against tyranny. We cannot afford to waver in our commitment to global democracy or allow authoritarianism to gain ground.”

Source: United States House of Representatives – Congressman Danny K Davis (7th District of Illinois)

CONGRESSMAN DANNY K. DAVIS SUPPORTS HOUSE DEMOCRATS’ DEFENSE OF THE CFPB AND AMERICAN CONSUMERS

Washington, D.C. – Congressman Danny K. Davis (D-IL) today reaffirmed his strong support for the Consumer Financial Protection Bureau (CFPB) and joined his Democratic colleagues in pushing back against Republican-led efforts to dismantle the agency that protects American consumers.

    In an amicus brief led by Ranking Member Maxine Waters (CA-43) and supported by 203 House Democrats, House leaders made clear that the Trump Administration’s attempts to shut down the CFPB are unlawful, unconstitutional, and a direct attack on consumer protections. The brief was filed in the case of National Treasury Employees Union (NTEU), et al. v. CFPB Acting Director Russell Vought, et al., currently before the U.S. District Court for the District of Columbia.

    “For over a decade, the CFPB has stood as a powerful watchdog against financial abuses, returning over $21 billion to more than 205 million defrauded consumers,” said Congressman Davis. “Now, we see a calculated effort to gut the agency, led by Donald Trump and his billionaire allies, which would leave working families vulnerable to unchecked corporate greed.”

    Congressman Davis emphasized that eliminating the CFPB would allow predatory lenders, big banks, and debt collectors to resume the very practices that led to the 2008 financial crisis—a crisis that robbed millions of their jobs, homes, and financial security.

    “The attack on the CFPB is an attack on everyday Americans who rely on strong financial protections,” Davis continued. “House Democrats will not stand by as Trump and his unelected operatives dismantle safeguards that Congress put in place to prevent another economic collapse.”

     The amicus brief outlines how recent actions taken against the CFPB—including stop-work orders, mass termination plans, and attempts to seize sensitive consumer data—blatantly violate the Constitution and the Dodd-Frank Act, which established the Bureau in 2010.

CFPB Protections at Risk

    If Trump’s efforts to gut the CFPB succeed, key consumer protections would be severely weakened or eliminated, including:

• Small Business Lending Transparency: Ensuring fair access to capital for entrepreneurs and small business owners.
• Overdraft Fee Regulations: Preventing banks from charging excessive fees that disproportionately impact low-income consumers.
• Medical Debt Credit Protections: Stopping unfair medical debt from tanking Americans’ credit scores.

     The House Democratic Leadership, including Leader Hakeem Jeffries, Assistant Leader Joe Neguse, and Judiciary Committee Ranking Member Jamie Raskin, have all echoed the urgent need to preserve the CFPB and protect working families from financial exploitation.

     “I will continue fighting alongside my colleagues to defend the CFPB, protect American consumers, and hold corporations accountable,” Congressman Davis concluded.

Next Steps

A hearing on the plaintiffs’ motion to block the dismantling of the CFPB is scheduled for Monday, March 3, in the U.S. District Court for the District of Columbia.

The full amicus brief is available HERE.

Source: United States House of Representatives – Congressman Danny K Davis (7th District of Illinois)

Washington, D.C. – Congressman Danny K. Davis (D-IL) today strongly condemned the passage of the House Republican budget, which enacts substantial tax cuts favoring the affluent while imposing severe reductions on critical programs. The budget, narrowly approved by a 217-215 vote, proposes $4.5 trillion in tax cuts over the next decade, disproportionately benefiting high-income individuals. To offset these cuts, the budget mandates at least $2 trillion in spending reductions, adversely affecting vulnerable populations, particularly in Illinois’s 7th Congressional District. In addition, these cuts target programs that support low and middle-income families, effectively redistributing resources from the most vulnerable to the most affluent.

Favoring the Wealthy at the Expense of the Many

“Budgets are moral documents, and this one makes it painfully clear that working families, seniors, and the most vulnerable members of our society are not a priority,” stated Congressman Danny K. Davis. “This budget not only strips away necessary resources but also exacerbates social and economic inequities by directly attacking the social determinants of health—factors like healthcare access, education, economic stability, housing, and community support that determine well-being.”

Severe Impact on the 7th District and the Nation

The budget proposes $880 billion in Medicaid cuts over the next decade, endangering healthcare access for nearly 80 million Americans, including thousands in Illinois’s 7th District. These cuts disproportionately impact low-income families, seniors, and individuals with disabilities, worsening health disparities and increasing preventable hospitalizations.

Additionally, the budget:

• Jeopardizes Education and Workforce Development: The House Committee on Education and the Workforce is directed to identify $330 billion in cuts, potentially affecting federal funding for public education, Pell Grants, and job training programs. These reductions could lead to larger class sizes, decreased access to higher education for low-income students, and diminished support for workforce development initiatives, hindering economic mobility and widening income inequality in Chicago and beyond.
• Jeopardizes Nutrition and Food Security: Mandating the House Committee on Agriculture to find at least $230 billion in cuts, largely from the Supplemental Nutrition Assistance Program (SNAP), the budget increases food insecurity, particularly among children and seniors. In Illinois, nearly 1.8 million residents rely on SNAP benefits to meet their nutritional needs.
• Reduces Housing Security: The budget includes significant cuts to affordable housing programs, with the Department of Housing and Urban Development (HUD) facing potential staff reductions of up to 50%, affecting critical services such as rental assistance and homelessness support. These cuts threaten housing stability for low-income families, potentially increasing homelessness and housing insecurity in the 7th District.
• Weakens Community Safety: The House Republican budget proposes eliminating the Community Oriented Policing Services (COPS) program, which has provided $1.1 billion since 2016 to fund over 8,200 law enforcement positions. Additionally, the budget includes a $1.3 billion cut to the Department of Justice, potentially reducing federal agents, analysts, and prosecutors, weakening efforts to combat crime and national security threats. 
• Undermines Public Health Efforts: Funding cuts to the Substance Abuse and Mental Health Services Administration (SAMHSA) threaten critical programs addressing mental health and addiction crises, disproportionately impacting communities of color. The budget’s exact figures for these reductions are unspecified, but the anticipated decrease in funding could severely limit access to essential mental health services.
• Reduces IRS Funding: The House Republican budget includes $20 billion in IRS cuts, reducing tax enforcement against wealthy evaders and leading to an estimated $44 billion revenue loss, increasing the deficit by $24 billion. It also results in 7,000 IRS layoffs, weakening tax compliance.
• Small businesses: The budget cuts SBA funding by 5%, eliminating vital technical-assistance grants. Additionally, if the 2017 tax cuts expire, 6 million jobs could be lost. 

A Call for a Just and Equitable Budget

Congressman Danny K. Davis urges the U. S. Senate to reject this inequitable budget and instead pass legislation that invests in health, education, housing, and economic opportunity rather than providing disproportionate benefits to the wealthy at the expense of essential services. “We must adopt a budget that reflects our collective values—one that uplifts all Americans and fosters equitable growth. I remain committed to advocating for policies that ensure no one is left behind,”Davis concluded.

Source: United States House of Representatives – Congressman Danny K Davis (7th District of Illinois)

Washington, D.C. – Congressman Danny K. Davis (D-IL) joined fellow Democratic lawmakers, activists, and community leaders in a powerful show of unity at today’s national rally in opposition to President Donald Trump’s latest policies, which threaten democracy, economic justice, and fundamental human rights.

The rally, organized by progressive advocacy groups, including MoveOn and other grassroots organizations, saw thousands take to the streets demanding an end to policies that roll back civil rights protections, harm working families, and undermine America’s commitment to global humanitarian aid.

“Injustice anywhere is a threat to justice everywhere, and today, we send a clear message to the Trump administration: we will not stand by as policies that hurt working-class families, communities of color, and vulnerable populations continue to be implemented,” said Congressman Davis. “From slashing critical public safety and health programs to dismantling international aid organizations like USAID, the administration’s actions have real and devastating consequences.”

Congressman Davis emphasized the urgent need to resist recent budget cuts that disproportionately impact Black and Brown communities, including reductions in funding for minority-owned businesses, affordable housing, and public safety initiatives such as the Community Oriented Policing Services (COPS) program. He also strongly condemned the administration’s attempts to dismantle USAID, highlighting the organization’s crucial role in disaster relief, poverty reduction, and global health initiatives.

“Now more than ever, we must remain vigilant and stand together to protect our most fundamental rights and freedoms,” Davis continued. “The people have the power, and we are here today to amplify their voices, demand justice, and fight back against these draconian policies.”

As a longtime advocate for economic and racial justice, Congressman Davis reaffirmed his commitment to legislative action that counters harmful policies, strengthens social safety nets, and ensures all Americans have access to equal opportunities.

### About Congressman Danny K. Davis
Congressman Danny K. Davis represents Illinois’ 7th Congressional District and has been a steadfast advocate for civil rights, criminal justice reform, healthcare, and economic equity. Throughout his tenure in Congress, he has worked to expand opportunities for marginalized communities and fight against policies that threaten social and economic justice.

For media inquiries, please contact:
Tumia Romero
Chief of Staff, Congressman Danny K. Davis
Email: tumia.romero@mail.house.gov

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