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Chairman Graves Supports Consumer Financial Protection Safety and Soundness Improvement Act

Press Release

Date: July 21, 2011
Location: Washington, DC
Issues: Business and Consumers

House Small Business Committee Chairman Sam Graves (R-MO) today issued the following statement regarding the Consumer Financial Protection Safety and Soundness Improvement Act of 2011 (H.R. 1315) that is expected to be voted on by the House this afternoon.

The House Small Business Subcommittee on Investigations, Oversight and Regulations, chaired by Rep. Mike Coffman (R-CO), will hold a hearing regarding the Consumer Financial Protection Bureau (CFPB) next Thursday, July 28th.

"The bill being considered today is all about ensuring robust consumer protection. One unelected Washington bureaucrat alone should not be given unlimited authority to limit consumer choice, or reduce the credit available to small businesses. The Consumer Financial Protection Safety and Soundness Improvement Act will make important improvements to better structure the agency to protect all consumers. The legislation replaces the credit czar with a bipartisan commission to ensure all viewpoints are taken into consideration and checks and balances are in place followed.

"Capital is already hard enough to come by for small firms and small lenders. The last thing they need is another bureaucrat changing regulations and eliminating credit lines on a whim. Consumer protection serves a great purpose; however, it must be done without harming our best job creators. This bill will bring the accountability and transparency to the CFPB that consumers, American taxpayers, small businesses and small lenders deserve."

The Consumer Financial Protection Safety and Soundness Improvement Act of 2011 would bring oversight and accountability to the CFPB by:

* Replacing the CFPB Director with a 5-member bipartisan commission
* Ensuring the chair of the commission is confirmed by the Senate before the transfer of power to the CFPB takes place
* Establishing a meaningful review process of CFPB rules that may endanger the safety and soundness of financial institutions


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