Providing for Consideration of H.R. 1315, Consumer Financial Protection Safety and Soundness Improvement Act of 2011

Floor Speech

BREAK IN TRANSCRIPT

Ms. DeLAURO. Madam Speaker, I rise in strong opposition to the majority's attempt to undercut the Consumer Financial Protection Bureau just as it is set to open its doors. Yet again, this majority is siding with Wall Street, credit card companies and predatory lenders and against the interests of the American people.

Three years ago, we suffered an economic meltdown that was brought on by greed, corruption, and well-documented incidents of predatory behavior. We are still dealing with the economic ramifications of that collapse today. People all across America are losing their jobs and fighting for their homes.

That is why, as part of the financial reforms Democrats passed last year, we created the Consumer Financial Protection Bureau to reintroduce transparency and accountability in the financial sector, to put an end to predatory lending practices that were abused by the banks and mortgage lenders to precipitate this crisis, and to protect the public from future malfeasance.

But now this Republican majority wants to undo all of that hard work and put Wall Street back in the driver's seat. The bill eliminates the bureau's independence and gives the regulators, who missed the financial crisis, it gives them veto power over its actions, all to ensure that nothing of consequence gets done to rein in Wall Street.

In order to promote gridlock and guarantee the bureau is unable to curb the abuses that led to the financial crisis, the bill before us also removes the position of director and installs a five-member commission at the head of the agency, while delaying consumer protection authorities until a commission chair is named. This comes as Republicans have constantly attacked the bureau's architect, Elizabeth Warren, and made clear that they will not approve any nominee for director, including President Obama's nomination of Richard Cordray last week.

We are not here to represent the interests of Wall Street, of their banks, predatory mortgage lenders, or credit card companies, as my Republican colleagues are choosing to do, by smothering this new agency in its crib. We are here to represent the American people. That is what the Consumer Financial Protection Bureau has been designed to do.

I urge my colleagues, put Main Street before Wall Street. Stand up for ordinary, hardworking, middle class families, oppose this rule and the underlying legislation.

BREAK IN TRANSCRIPT

Source