Providing for Consideration of H.R. 3193, Consumer Financial Freedom and Washington Accountability Act; Providing for Proceedings During the Period from February 13, 2014, Throught February 24, 2014; and for Other Purposes

Floor Speech

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Mr. SCHNEIDER. Mr. Speaker, I thank the gentleman from Colorado for yielding me this time.

I rise today in opposition to H.R. 3193. Congress created the Consumer Financial Protection Bureau in response to a regulatory system that couldn't keep pace with the needs and the entities that it oversaw. The system was neither agile enough nor properly equipped for protecting consumers. The financial crisis exposed subprime lending practices that preyed on the most vulnerable consumers. It uncovered obscene credit card contracts that put working families underwater. It found student loans that left our next generation more worried about their interest rates than about changing the world.

The list goes on.

The CFPB was our answer to these and prospective concerns. It is the only independent agency that is tasked with protecting consumers, our constituents. Free from the political melee, this watchdog focuses on making sure that markets are fair and players follow the rules.

The CFPB may not be perfect. Undoubtedly, missteps may occur. That is why the agency is subject to regular audits and why the government maintains ways of addressing flawed rules.

I am willing and eager to work with my colleagues to improve the CFPB to ensure that the American people are properly protected, but that is not what this bill does. This bill scraps the intention of the agency and re-exposes our families and our students to the same unfair and undue risks which necessitated the agency's creation in the first place.

I urge my colleagues to use this agency to help protect their constituents and to address their concerns. Remember your constituents when you vote today. I ask my colleagues to join in opposition to this measure and the underlying bill.

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