Sullivan's Plan Sacrifices Military Families to Financial Criminals: Sullivan would eliminate Office of Service Member Affairs and Consumer Financial Protection Bureau
FOR IMMEDIATE RELEASE
August 29, 2014, 9:00 AM
Contact: Kevin D. McGee, (907) 441-2137
Sullivan's Plan Sacrifices Military Families to Financial Criminals
Sullivan would eliminate Office of Service Member Affairs and Consumer Financial Protection Bureau
ANCHORAGE: At the United for Liberty campaign debate, Dan Sullivan said there was only one federal program or agency he would eliminate: The Consumer Financial Protection Bureau. Sullivan's plan would eliminate the Office of Service Member Affairs and lay off Holly Petraeus, wife of General David Petraeus. The Office of Service Member Affairs educates service members about how to avoid financial scams and it cracks down on financial criminals who target the military.
"It is beyond outrageous that Dan Sullivan would eliminate consumer protections for military families," said Kevin McGee, a veteran and 1ST Vice President of the Anchorage NAACP. "Sullivan's proposal would let criminals off the hook and expose military families to predatory loans, hidden fees, and other financial crimes."
The NAACP strongly supports the Consumer Financial Protection Bureau's work, including Holly Petraeus' Office of Service Member Affairs. Senators Lisa Murkowski and Mark Begich both voted to confirm the head of the agency so it can work to protect consumers. Their vote overcame Wall Street lobbyists who have worked relentlessly to gut consumer financial protections and restore the very abuses that caused the 2008 recession.
The fate of the Office of Service Member Affairs is critical in Alaska, which has one of the highest concentration of service members in the country and the highest percentage of veterans. Moreover, African-Americans and Alaska Natives serve in the armed forces at a disproportionately high rate compared to the general population, so the Office of Service Member Affairs is important for Alaska's diverse service member population. Holly Petraeus already has visited Alaska as part of her work to boost service member financial literacy and crack down on financial criminals.