By WKTV Staff
Peters Consumer Protection Provisions Pass the Senate
On March 16, the Senate passed two consumer protection provisions introduced by U.S. Senator Gary Peters that will help private student loan borrowers rehabilitate their credit and protect children from identity theft. The provisions were approved as part of a broader banking bill.
“Student debt is one of the biggest hurdles to financial success for young people,” said Senator Peters. “My commonsense provision will help student loan borrowers in default fix their mistakes and get back on track, while increasing the likelihood of repayment for lenders.”
Under current law, federal loans may be rehabilitated one time, and borrowers can repair their credit by removing a default. However, private lenders currently do not have the ability to remove negative credit information on borrowers who participate in loan rehabilitation programs. Peters’ provision, based on the bipartisan Federal Adjustment in Reporting (FAIR) Student Credit Act, he introduced with Sen. Shelley Moore Capito (R-WV) would allow private student loan borrowers who have successfully completed a series of on-time payments to remove a default from their credit report. More here.
Peters Floor Remarks on Supporting Small Farmers
Peters’ Bipartisan Bill Would Strengthen Loan Program for Small Farmers
U.S. Senator Gary Peters (MI), spoke on the Senate floor March 15 on the need to preserve access to capital for small and disadvantaged farmers to start and grow their operations. This week, Peters introduced the Farm Service Agency Loan Flexibility Act, which will provide greater flexibility for the FSA loan program to provide loan and loan guarantees to farmers during periods of high demand. More here.
Committee Approves Peters Bills to Support Small Businesses
Bipartisan Bills Improve Awareness of Employee Stock Ownership Plans and Help Small Businesses Access Patent Protections
On March 15, the Senate Small Business and Entrepreneurship Committee approved two bipartisan bills introduced by U.S. Senator Gary Peters (MI) that support small businesses. Peters’ bills will increase awareness of Employee Stock Ownership Plans (ESOPs) and help small businesses protect their intellectual property through patents. Peters introduced both bills with U.S. Senator Jim Risch (R-ID). More here.
Peters Statement on Bipartisan Bill to Boost Consumer Protections and Support Economic Growth
On March 14, U.S. Senator Gary Peters (D-MI) issued the following statement on Senate passage of the bipartisan Economic Growth, Regulatory Relief, and Consumer Protection Act:
“Commonsense financial regulation is essential to supporting Michigan families, growing our economy, and creating jobs. I am proud to have served on the House Financial Services Committee and the conference committee that wrote and finalized Dodd-Frank. This important law cracked down on risky trading and created the Consumer Financial Protection Bureau to protect American families. I am committed to defending these critical consumer protections and ensuring our financial regulators have the necessary tools to keep our economy stable and growing…” More here.
Peters, Colleagues Tell FCC That Mobility Fund Map Has ‘Gaps’
On March 12, U.S. Senator Gary Peters (D-MI), joined a bipartisan group of Senators in sending a letter to Federal Communications Commission (FCC) Chairman Ajit Pai expressing serious concerns about the agency’s recently released Mobility Fund Phase II (MF II) map. The purpose of this fund is to allocate $4.53 billion over the next 10 years to preserve and expand mobile coverage to rural areas. More here.
Huizenga: Pregnancy Resource Centers Should Be Treasured, Not Targeted By Government
On March 14, Congressman Bill Huizenga spoke in support of pregnancy resource centers, the important role they play in communities across West Michigan, and the freedom of conscience. More here.
The Senate Financial Reform Legislation Should Be The Floor, Not The Ceiling
On March 14, Capital Markets, Securities, and Investment Subcommittee Chairman Bill Huizenga (MI-02) released the following statement after the Senate passed bipartisan legislation to reform Dodd-Frank and provide much needed relief to community and regional financial institutions.
“For years we have seen the one-size fits all regulatory structure of Dodd-Frank slow economic growth and reduce the ability of community financial institutions to lend to hardworking families and small business job creators across the nation. The bipartisan Senate legislation to reform Dodd-Frank is a good start; however it should be viewed as the floor, not the ceiling. Currently, there are dozens of noncontroversial, bipartisan bills that have passed the House dealing with additional issues that negatively impact consumers. I look forward to taking this opportunity to work with my colleagues to strengthen the Senate reform package and include some of the bipartisan measures passed by the House to make the final legislation even more effective.”
