Consumer Financial Protection

Mr. ELLISON. Mr. Speaker, consumer financial protection is not a punishment to business. It is a level playing field so that consumers and businesses who want to transact a fair deal can do so. Consumer financial protection, which is in the financial reform bill, will allow consumers and lenders who want to do a fair deal to get rid of the fine print, the hidden fees, the tricky terms that landed our economy in such an awful condition.

We're climbing out. We're addressing the issues that affect the American people, and we're doing it now. The fact is that we want to see good lenders stay good; lenders who want to have clear terms, well disclosed, underwritten to make sure the consumers can pay that money back, and what we want to see in this economy. And people who want to have fine terms, funny terms, tricky terms or hidden fees will not be able to do that. Our economy will be better for it. It will be stable, transparent, and clear, and we will see continued economic growth in the American economy once we pass consumer financial protection.

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