Representative Katie Porter to Serve on House Financial Services Committee
WASHINGTON—Congresswoman Katie Porter (CA-45), a longtime commercial law professor and consumer protection attorney, announced today that she will be serving on the House Financial Services Committee. The Committee is responsible for ensuring that the economy works to create prosperity and opportunity for American families.
“From bringing accountability to the big banks to promoting affordable homeownership, I’m excited to work on some of the most important issues for the people of the 45th district,” Porter said. “I’ve spent nearly 20 years studying the ways our economy can sometimes fail working families and advocating for changes to the system—and with this Committee position, I’ll have a prime opportunity to get Washington working better for Orange County families.”
The Financial Services Committee passes legislation to hold Wall Street accountable, encourage responsible homeownership, and protect consumers from predatory lending. The Committee also oversees affordable housing and homelessness mitigation programs, including those at the US Department of Housing and Urban Development (HUD). Finally, the Committee is tasked with regulating insurance, such as flood and property casualty insurance, ensuring that sanctions against enemies of the United States are enforced, and safeguarding our export system to support American small businesses.
Since beginning her term in Congress, Porter has already taken action to demand that financial institutions help consumers. Last week, she sent her first letters as a member of Congress, requesting that the country’s largest banks and credit card companies provide help to federal employees harmed by the government shutdown. Specifically, Porter pressed lenders to waive late fees and interest, extend payment due dates, suppress negative credit reporting, and freeze eviction or foreclosure proceedings until the end of the shutdown. Porter’s request would assist families on the brink, as one missed paycheck can set off a cascade of late fees and credit report hits with lasting consequences, even if these employees receive backpay.
As a bankruptcy professor and consumer protection attorney, Porter has long been an advocate for families navigating financial instability. In 2012, then-California Attorney General Kamala Harris appointed Porter to be the state’s independent watchdog against the banks, and she secured over $18 billion for California homeowners. In 2010, Porter helped pass federal law to protect consumers from abusive credit card practices and excessive fees.