[Weekly Compilation of Presidential Documents Volume 37, Number 6 (Monday, February 12, 2001)]
[Pages 260-261]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Proclamation 7405--National Consumer Protection Week

February 5, 2001

 By the President of the United States

 of America

 A Proclamation

    More Americans than ever are realizing the American dream of 
homeownership. At the same time, an increasing number of homeowners are 
living the nightmare of overwhelming debt and home foreclosure resulting 
from fraudulent lending practices. Subprime lending--the extension of 
high-rate, high-fee loans to people considered to be high-risk 
borrowers--has grown substantially in recent years. Unfortunately, 
fraudulent and abusive lending practices have also grown.
    High-cost lending is not limited to home mortgages. Check cashing 
outlets, payday loan companies, rent-to-own stores, subprime auto 
lenders, and pawn shops are additional examples of high-cost lenders.
    While it is crucial that as many consumers as possible have access 
to credit, their access must not be hindered by unlawful lending 
practices. Federal law enforcement agencies have increased their 
enforcement activities to stop lenders who engage in fraudulent and 
abusive lending practices. In addition, Federal agencies and consumer 
groups have implemented aggressive education campaigns to help consumers 
learn how to safeguard the equity in their homes.
    Consumers can protect themselves from loan fraud by taking some 
commonsense precautions, including comparison shopping

[[Page 261]]

among several lenders, negotiating, and resisting, indeed refusing to 
yield to, pressure to sign any loan papers they don't understand. 
Nonprofit credit and housing counseling services are available to help 
consumers manage their credit and make decisions about loans and loan 
terms.
    To help protect consumers, the Federal Trade Commission, the 
National Association of Consumer Agency Administrators, the U.S. Postal 
Service, the U.S. Postal Inspection Service, the National Association of 
Attorneys General, the Department of Justice, and private consumer 
organizations have joined forces to inform Americans about their rights 
as borrowers, about the responsibilities of lenders, and about 
protecting their assets. This information is available in writing, by 
telephone, and online.
    I encourage all Americans to take advantage of this opportunity to 
learn more about how to protect themselves against fraudulent and 
abusive lending practices. By becoming wise and well-informed consumers, 
we can reduce the incidence of fraud and deception in the marketplace.
    Now, Therefore, I, George W. Bush, 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 February 5 through 
February 10, 2001, as National Consumer Protection Week. I call upon 
government officials, industry leaders, consumer advocates, the media, 
and the American people to participate in programs helping citizens to 
be responsible and wise consumers.
    In Witness Whereof, I have hereunto set my hand this fifth day of 
February, in the year of our Lord two thousand one, and of the 
Independence of the United States of America the two hundred and twenty-
fifth.
                                                George W. Bush

 [Filed with the Office of the Federal Register, 8:47 a.m., February 7, 
2001]

Note: This proclamation was published in the Federal Register on 
February 8.