[Federal Register Volume 81, Number 46 (Wednesday, March 9, 2016)]
[Presidential Documents]
[Pages 12571-12572]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-05473]



[[Page 12569]]

Vol. 81

Wednesday,

No. 46

March 9, 2016

Part II





The President





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Proclamation 9404--National Consumer Protection Week, 2016
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  Federal Register / Vol. 81 , No. 46 / Wednesday, March 9, 2016 / 
Presidential Documents  

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 Title 3--
 The President

[[Page 12571]]

                Proclamation 9404 of March 4, 2016

                
National Consumer Protection Week, 2016

                By the President of the United States of America

                A Proclamation

                After a long road to recovery, our Nation has risen 
                from the depths of recession thanks to the grit and 
                determination of the American people. Ensuring 
                hardworking families feel secure and confident that 
                they can get ahead without being ripped off or getting 
                sucked into vicious cycles of debt was essential to our 
                rebound and is critical to our continuing efforts to 
                build an economy that works better for everyone. When 
                we uphold our country's promise of fairness and 
                opportunity, we all do better, and during National 
                Consumer Protection Week, we reaffirm our fidelity to 
                this ideal by striving to build an economy based on the 
                principles of fair play, equal access, and shared 
                responsibility.

                When I took office, big banks that made reckless bets 
                were relying on the American people to clean up after 
                them. That is why my Administration pursued historic 
                Wall Street reform, enacting strong consumer 
                protections and stabilizing the foundation of our 
                country's economic prosperity. We proposed new rules 
                that protect people from unscrupulous lenders--
                including those engaged in abusive practices involving 
                payday loans and title loans, which too often trap 
                families in unfair and expensive cycles of fees. 
                Additionally, because no one should be saddled with 
                debt before they get started in life, we capped student 
                loan payments at 10 percent of a borrower's monthly 
                income through the Pay As You Earn plan. We also 
                established a Student Aid Bill of Rights that calls for 
                all students to have access to a quality, affordable 
                education and the resources to pay for it, as well as 
                the right to affordable loan payments, quality customer 
                service, reliable information, and equal treatment. And 
                to ensure the American dream can be enjoyed by those 
                who selflessly defend it, we announced updated rules to 
                close loopholes that allowed predatory lenders to 
                demand unfair payments and exorbitant fees from our men 
                and women in uniform and their families.

                While Government plays an important role in protecting 
                our people and our financial system, individuals can 
                take steps on their own to detect abuse and safeguard 
                their assets and personal data. As we continue to 
                educate the public on matters of personal finance and 
                inform young people of the dangers of too much debt, 
                consumers should thoroughly read and understand their 
                loan agreements, assess their own financial capacity, 
                and take care to guard against identity theft. To 
                assist in this effort, my Administration will keep 
                working to make online transactions more secure, 
                convenient, and private. For additional information on 
                your rights as a consumer, visit www.NCPW.gov, and to 
                report and recover from identity theft, visit 
                www.IdentityTheft.gov.

                Throughout this week, let us celebrate the core values 
                of honesty and fair play by upholding the basic 
                American bargain--that hard work should pay off and 
                responsibility should be rewarded. Together, we can 
                ensure nobody is financially taken advantage of and 
                everybody has an equal opportunity to go as far as 
                their dreams and talents will take them.

                NOW, THEREFORE, I, BARACK OBAMA, President of the 
                United States of America, by virtue of the authority 
                vested in me by the Constitution and the laws of the 
                United States, do hereby proclaim March 6 through

[[Page 12572]]

                March 12, 2016, as National Consumer Protection Week. I 
                call upon government officials, industry leaders, and 
                advocates across the Nation to share information about 
                consumer protection and provide our citizens with 
                information about their rights as consumers.

                IN WITNESS WHEREOF, I have hereunto set my hand this 
                fourth day of March, in the year of our Lord two 
                thousand sixteen, and of the Independence of the United 
                States of America the two hundred and fortieth.
                
                
                    (Presidential Sig.)

[FR Doc. 2016-05473
Filed 3-8-16; 11:15 am]
Billing code 3295-F6-P