OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Financial Services and General Government Appropriations Act, 2017

Floor Speech

Date: July 6, 2016
Location: Washington, DC
Issues: Business and Consumers Finance and Banking

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Ms. MOORE. Mr. Chairman, I offer amendment Nos. 5, 6, and 7 made in order under the rule.

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Ms. MOORE. Mr. Chairman, I would like to thank the chair and the ranking member for agreeing to this en bloc amendment request.

These three amendments, offered with Financial Services ranking member Ms. Waters, Mrs. Maloney of New York, and Mr. Ellison of Minnesota, address Republican attacks on the Consumer Financial Protection Bureau, the CFPB.

The Consumer Financial Protection Bureau is one of the central pillars of the Wall Street reform, the Dodd-Frank Act. To date, the Bureau has returned more than $11.4 billion to 25 million consumers that have been harmed by predatory financial practices.

Let me repeat that for you, Mr. Chairman. $11.4 billion has been returned to our constituents, 25 million of them, as a result of the work of the CFPB.

Yet our colleagues on the other side of the aisle want to again side with foes of the Bureau, with the predatory and other unscrupulous lenders. Our amendment seeks to preserve the independence and efficacy of this watchdog agency.

Mr. Chairman, I yield 2 minutes to the gentleman from Minnesota (Mr. Ellison), a member of the Financial Services Committee.

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Ms. MOORE. Mr. Chairman, could the Chair inform me about how much time I have remaining?

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Ms. MOORE. Mr. Chairman, I appreciate the concern that the gentleman has about maintaining the budgetary constraints, but that is the very problem that agencies like the FDIC and others have had. They have had the authority, but they have not had the independence. The appropriation process ties the hands of these agencies. The one bright star is the CFPB, which is independent, and it supports consumers.

I just want to point out that changing the structure of the CFPB to a commission would add $66 million to our deficit.

I look forward to my friends on the other side of the aisle's vote on my amendment since it not only preserves the independence of the CFPB, but it continues to ensure that U.S. markets are the fairest and most robust in the world, and it protects consumers from mischief in this appropriations process.

I yield back the balance of my time.

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Ms. MOORE. Mr. Chairman, I demand a recorded vote.

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