Hirono Votes Against Effort to Weaken New Consumer Financial Protection Bureau
Press Release
Congresswoman Mazie K. Hirono (D-Hawaii) today voted against an effort to significantly diminish the ability of the Consumer Financial Protection Bureau to do its job protecting consumers on virtually the same day the new regulatory agency opened its doors.
"For the first time, our country has a financial watchdog whose sole purpose is to protect consumers. I voted against this bill because it's the little guy we need to look out for, not the "too-big-to-fail' banks and Wall Street," said Congresswoman Hirono.
Today marks the first anniversary of the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The law created the Consumer Financial Protection Bureau to finally place consumer protection responsibilities--and the accountability for enforcing them--under one roof. The Bureau will help protect credit card users from abusive practices, ensure borrowers don't fall victim to unfair lending deals, and provide military families with a dedicated financial protector.
But also on this day, supporters of the big Wall Street banks did their best to declaw this important legislation by bringing H.R. 1315, the misnamed Consumer Financial Protection Safety and Soundness Improvement Act, to the House floor. The bill passed the House by a vote of 241 yeas to 173 nays.
H.R. 1315 aims to weaken the Consumer Financial Protection Bureau by replacing its independent director with a five-person commission, making it easier for other agencies to block CFPB rules, and by delaying the transfer of specific protection responsibilities from seven other federal agencies to the newly launched Bureau. These changes are being pursued under the context of "protecting the safety and soundness" of the financial system--which is code for ensuring that the profitability of big banks and Wall Street comes before protecting consumers.
"We have to remember that the cause of the financial crisis wasn't too much regulation--it was too little," said Congresswoman Hirono. "There's a lot we need to do to get our economy back on track, but making it easier to take advantage of American families shouldn't be one of them."
Source