Washington D.C. – Congressman Andy Barr (R-KY) is the latest entry in the ‘The MAGA Economics’ project from government watchdog Accountable.US, which details Barr’s deep money ties to the financial industry he is supposed to oversee as the powerful chairman of the House Subcommittee on Financial Institutions and Monetary Policy. The effort comes ahead of Barr’s first major hearing today on MAGA House majority proposals to gut consumer protections and weaken the Consumer Financial Protection Bureau, including Barr’s own “TABS” bill to replace the Bureau’s successful independent funding structure with one beholden to the political whims of Congress. Barr’s frequent and hostile rhetoric against the CFPB makes clear he would zero-fund the agency if given the chance and leave millions of consumers more vulnerable to financial industry scams and abuse. [Click Here to view the MAGA Economics Profile for Andy Barr]
Big banks and predatory lenders have seen an incredible return on their multi-million-dollar investment in Congressman Andy Barr who’s made a career out of obstructing consumer protection initiatives.
Now Barr is one of the architects of the MAGA Majority plan to let their financial industry mega-donors write their own rules at the expense of average families. It’s why some members of the House Financial Services Committee would rather defund the CFPB that recoups billions of dollars for victims of financial industry abuse than work with the Biden administration to lower costs driven up by corporate greed.”
Liz Zelnick, Accountable.US’ Director of Economic Security and Corporate Power.
The over $6.8 million Congressman Barr has raked in from the financial industry helps explain why he is one of the leaders of the right-wing crusade to defund, defang and do away with the CFPB and obstruct the bureau’s efforts to shield consumers from industry mistreatment.
As a go-to lawmaker for greedy industries to air their grievances, it is no surprise Barr invited Bill Himpler, the President and CEO of the American Financial Services Association (AFSA) – “the primary trade association for the consumer credit industry” – as his star witness for today’s hearing.
Accountable.US’ review found that AFSA’s member companies—including major lenders like Ally, Citi, Discover, and auto finance affiliates of Hyundai, Nissan, And Toyota—have faced over $2.28 billion in fines and restitution orders from CFPB enforcement actions. Himpler is someone with a serious ax to grind against the Bureau for doing its job protecting consumers.
Unsurprisingly, Rep. Barr has received $72,500 in career donations from AFSA. All told, AFSA has given at least $287,000 to Republican members of the Subcommittee on Financial Institutions and Monetary Policy.
Click HERE to read more about ‘The MAGA Economics’ project.