[United States Statutes at Large, Volume 130, 114th Congress, 2nd Session]
[From the U.S. Government Publishing Office, www.gpo.gov]

 
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.

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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 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.
BARACK OBAMA