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SCOTUS: Economic Opportunity and Consumer Protections at Risk

October 16, 2020
Consumer Finance
Policy & Legislation

Opportunity in America has never been evenly distributed, but the gains made over the last 100 years are at risk if a conservative Justice is added to the Supreme Court. Just like the many social issues already being covered in the wake of President Trump’s Supreme Court nomination, the nine justices who fill the seats of America’s highest court will profoundly impact the daily financial lives and futures of hardworking families.

In addition to healthcare access, reproductive rights, and many other issues, over the next several years the Supreme Court will make important and lasting decisions that affect every facet of our lives, including how we address rising income inequality and the racial wealth gap. The elevation of a far-right judge such as Amy Coney Barrett will heavily tilt the nation’s economy to the interests of the rich and powerful and increase inequality in America. The financial security of millions of individuals as well as communities and the entire economy are at stake.

Key risks that a conservative addition to the Court poses to American fiscal policy and the financial security of millions include:

  • Consumers experiencing housing and lending discrimination will have virtually no remedy.
  • Consumers will lose important protections from big corporations as Congress and federal agencies find their ability to address important issues through regulatory action drastically limited.
  • States will be unable to fully enforce their own consumer protection laws.

Download the full memo.