For years, Rep. Katie Porter's retirement account has been padded with investments in two companies that have been frequently and closely scrutinized for alleged consumer abuses.
Well before she entered politics, Rep. Katie Porter built a career scrutinizing the financial industry and vocally advocating for consumers—so much so that the state of California once appointed her to oversee one of the largest banking industry consumer settlements in history.
According to those official documents, Porter owns between $1,000 and $15,000 worth of stock in Capital One. The credit card giant has faced federal complaints over dubious marketing tactics and was called out in 2020 by Porter’s mentor and ally—Sen. Elizabeth Warren —for its aggressive and litigious pursuit of relatively small consumer debt.
According to her office, Porter has held those assets within an IRA for 15 years. Upon taking office in 2019, she promised to not buy or sell any individual stocks while in Congress, so she has not touched her investments in Capital One and Berkshire Hathaway whatsoever. In 2012, for instance, the first company ever targeted by the Consumer Financial Protection Bureau—the government watchdog envisioned by Warren after the 2008 financial crisis—was Capital One.
At the height of the financial crisis in 2009—after Porter had acquired Capital One stock—the company hit a high mark of 10,000 collection lawsuits that year. That happened to be the year Porter, then a university professor, took credit for helping Congress to pass a bill cracking down on credit card fees.The Seattle Times
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Katie Porter on How Regulators Could Have Prevented SVB’s CollapseKara Swisher talks to the congresswoman about whiteboarding CEOs and regulators’ failure to rein in SVB’s risky behavior.
Read more »
Supporters at Porter County commissioners meeting speak in favor of drag show at Expo CenterDefendants of a recently-canceled drag show at the Porter Expo Center and the LGBTQI+ community at large took to the microphone at Tuesday’s evening meeting of the Porter County Board of Commissioners.
Read more »
Porter resident claims $1 million scratch ticket top prizeAccording to the Texas Lottery, a resident in Porter claimed a top prize winning ticket worth $1 million in the Texas Lottery scratch ticket game 'Jackpot Millions.'
Read more »
3 House Democrats Will Face Off in California’s Senate RaceRo Khanna declined to run and endorsed Barbara Lee, setting up a race between Lee, Adam Schiff, and Katie Porter for Dianne Feinstein’s seat.
Read more »
Katie Holmes reunites with some of her ‘Dawson's Creek’ co-stars in cute new picsShow stars Katie Holmes, John Wesley Shipp and Mary-Margaret Humes recently got together when Shipp and Humes saw Holmes in the off-Broadway play “The Wanderers.”
Read more »
Katie Finneran & Andréa Burns Interview: Up HereWe chat with UpHere stars Katie Finneran and Andréa Burns about the challenges that come with transitioning from live musicals to a pre-recorded hulu series:
Read more »