Written testimony of Demos Associate Director of Policy and Research, Amy Traub before the U.S. House of Representatives Committee on Financial Services
The For the People Act outlines a vision of what’s possible when our nation lives up to its promise of being a place where all people can lift their voices via their votes and their small dollar contributions.
The Biden administration should implement its public credit registry proposal to shift power away from an oligopoly that exercises inordinate control over consumers’ financial prospects and towards a fairer system that better respects consumers and reduces racial inequality.
“They collect our data without our permission. They profit from our data. They fail to invest in processes to verify accuracy. And their models are not transparent. This puts Black and Brown consumers at a serious disadvantage.”
The response to the COVID-19 crisis must include investments in public goods and health infrastructure, breaking up concentrated economic power, and equitable access for Black and brown communities.
Credit reports and scores control access to public goods people need. Yet, in the midst of a global pandemic and economic collapse, remaking the nation’s credit reporting system is not the top concern.
If we are to survive this crisis—and imagine a more equitable, dynamic economy to come, we must start with a recommitment to the value of universal, inclusive public infrastructure.
