Consumers First Act

Floor Speech

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Ms. STEVENS. Madam Chair, I rise today in support of my amendment to H.R. 1500, the Consumers First Act.

The Consumer Financial Protection Bureau is an essential agency that has protected millions of consumers and put more than $12 billion back in Americans' pockets.

I worked in the Obama administration, in the United States Department of the Treasury, when the CFPB was first established in the wake of the financial crisis and saw firsthand how this agency has grown to serve as a force for accountability, transparency, and fairness on behalf of working Americans. That is why it is so important to restore and protect the CFPB from the attempts to weaken this critical agency.

My amendment to the Consumers First Act ensures that community banks, credit unions, small business owners, or economic growth experts are appointed to serve as members of the Bureau's Consumer Advisory Board.

The Consumer Advisory Board is a resource for the CFPB, providing the agency with expertise, analysis, and recommendations.

We must keep the channels open to small businesses, smaller banks, credit unions, and community advocates. This amendment gives community- oriented small businesses a seat at the table when it comes to the CFPB's decisionmaking, while furthering the goal of ensuring our financial system works for everyone.

We need that on-the-ground information. We need to hear from our small businesses.

In my district, credit unions and community banks offer helpful resources to individual borrowers as they look to purchase a home, start a small business, or expand a manufacturing order.

These institutions have invaluable knowledge that we should take advantage of as we work to protect consumers from fraud and abuse.

My district, Michigan 11, is also home to several thousand small businesses, including manufacturers and the country's most robust automotive supply chain.

We have got retail, we have got restaurants, and we have the capability to continue to unlock the channels of innovation, but we need a CFPB that works for us, and we need the voice of the small business at the table.

Our small business owners contribute so much to our communities, and they have a finger on the pulse of our economy more than anyone else. We should welcome the expertise of these key stakeholders at the CFPB as they continue to do incredible work for the American people and our economy.

I urge my colleagues to support this amendment.

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Ms. STEVENS. Madam Chair, I thank my colleague from North Carolina for his celebratory remarks. This is an important day in Congress because this is the role that we play; overseeing agencies, strengthening their work and delivering for the American people.

I have got to applaud our chairwoman of Financial Services for the Consumer Financial Protection Bureau work that she has done, particularly with this act. It is long overdue.

We are thrilled to introduce this amendment that will bring the voice of small business to the table.

Madam Chair, I yield back the balance of my time.

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