March 26, 2015
Washington, D.C. -- Congresswoman Terri Sewell issued the following statement ahead of President Obama’s trip to the City of Birmingham, Alabama, where she will join him as he discusses efforts his Administration has made to create a safer financial system that protects American families and creates a strong economy. The President is expected to discuss the economy, payday lending and the success of the Consumer Financial Protection Bureau (CFPB):
“President Obama is a staunch advocate for a strong financial system that provides greater transparency and accountability for all Americans. Under his administration the Consumer Financial Protection Bureau has helped consumers recover more than $5.3 billion by ending unfair and abusive practices.
“I hosted CFPB Director Richard Cordray in Birmingham for their first Field Hearing on Payday Lending. While I understand there is a real need for emergency credit, I strongly believe consumer protections are needed to regulate this industry.
“The President’s visit to the City brings the national spotlight to the State of Alabama, a state with one of the highest concentrations of payday lenders. Thus, it is fitting that President Obama will travel to Birmingham to speak about the progress we have made to build a safer and stronger financial system that protects families from the abuses which led the economy to near collapse—and his commitment to safeguarding that progress.
“America has a lot of work to do to improve our economy. The City of Birmingham and the State of Alabama have the tools and the leadership needed to create solid job growth and make the economic recovery a reality for those struggling families who have yet to feel its full effects.
“As a member of the House Financial Services Committee, I will continue to work with my colleagues to promote better financial practices that protect consumers, strengthen our economy and stimulate economic growth.
“I welcome President Obama to Birmingham for his second visit to Alabama this month. His selection of Lawson State Community College, in the heart of my district, acknowledges the vital role two-year colleges play in preparing our youth for 21st century jobs and giving them the necessary tools to make better financial decisions for themselves and their families.”