Attack on the Consumer Financial Protection Bureau

Floor Speech

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Ms. CLARK of Massachusetts. Madam Speaker, I have been listening to my Republican colleagues, waiting for the moment when they are going to fight for the American people, the constituents they have that are not Elon Musk. So far, the silence is deafening.

If they are not cheering it on, they are standing aside silently as cancer research labs are shut down, as the veterans administration is targeted, as the healthcare for millions of Americans is threatened, and eggs--oh, those eggs--have hit an all-time high of $8 a dozen. This silence is a betrayal of all Americans, of their very voters.

Let's just take a closer look at one example. Now, they are letting Elon Musk dismantle the Consumer Financial Protection Bureau. Most people haven't heard of the CFPB, but Americans know the corporate greed that they have gone after on their behalf for more than a decade: the predatory loan sharks and the abusive debt collectors. When Republicans are silent, they are siding with the scam artists.

Let me give you one example. Before the CFPB stepped in, a marine stationed in Texas who needs a loan to repair his truck would be charged the average payday interest rate in Texas. Do you know what that is? That is 664 percent. If he took out a $2,000 loan, he would pay $1,100 in interest.

I do hope my Republican colleagues remember the days when they supported the rule of law. When the CFPB enforces the law that limits interest rates for U.S. servicemembers, they reduced that interest on that loan to $60.

Altogether, the CFPB put $360 million back into the pockets of our servicemembers and veterans. That is what they do. They save Americans money. They went after bogus overdraft fees. That is $5 billion back in the pockets of working families every year, over $200 per family. They banned outrageous late fees on credit cards. That is $10 billion every year going back to consumers.

What is the problem with this agency? Apparently, Republicans in Congress would rather have that money go into the pockets of CEOs and spend that money cutting billionaires' taxes instead of fighting fraud and corporate abuse.

The American people did not vote for more scams and more corporate greed. They didn't vote to have our servicemembers go into more debt. They voted for people to fight for them, for lower costs, and for their part in the American Dream.

Let's wake up, GOP. Stand up for the American people.

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