Consumer Financial Protection Safety and Soundness Improvement Act of 2013

Floor Speech

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Mrs. BEATTY. Mr. Chair, I rise today in strong opposition to the Consumer Financial Protection Safety and Soundness Improvement Act, H.R. 3193.

As designed by Dodd-Frank, the Consumer Financial Protection Bureau--CFPB--is the only agency whose final rules can be overruled by a vote of other financial regulators.

This was explicitly included in Dodd-Frank to ensure that CFPB guidelines do not unduly jeopardize the safe functioning of the U.S. financial system.

However, the inaptly named H.R. 3193 is yet another transparent attempt by Members of the majority to weaken the authority of the only federal agency responsible for protecting consumers in their financial dealings.

If enacted, H.R. 3193 would not only broaden the ability to overturn CFPB rules, but would also lower the threshold required to do so.

This would make it more difficult for the CFPB to meet its mission of creating and enforcing federal consumer financial laws, and would be a significant step backward in the effort to improve oversight and supervision of our nation's financial institutions.

It is repugnant to me that after millions of Americans had their financial security imperiled by the predatory practices of mortgage lenders, originators and servicers, that Members of this House would consider this bill designed to weaken the one financial regulator focused on returning temperance to deals where there was once greed, and prudence to markets where there was previously ``irrational exuberance.''

I urge my colleagues to stand up for the American people by voting ``no'' on H.R. 3193.

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