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
I trust Katie Porter over a Republican any dam day.
Maybe Rep. Katie Porter should invest in a piggy bank. SavingsGoals