Consumer Financial Protection Safety and Soundness Improvement Act of 2013

Floor Speech

BREAK IN TRANSCRIPT

Mr. HURT. I thank the chairman for his leadership on this issue. I thank him for yielding.

Mr. Chairman, today I rise in support of the Consumer Financial Freedom and Washington Accountability Act.

As I travel across our Virginia's Fifth District, I continue to hear troubling stories about the impacts of the CFPB. I have heard from consumers, community banks, and credit unions about how the unchecked authority of the CFPB is restricting consumer choice, creating an atmosphere of economic uncertainty, and increasing costs.

Real consumer protection requires that we shift power from Washington bureaucrats to American consumers by providing access to competitive markets with choice, information, and accountability. This bill would help achieve that goal by adding much-needed oversight and transparency to this far-reaching new government agency without weakening consumer protection.

These bipartisan checks and balances will protect our community banks and credit unions who play a critical role in providing capital to our small businesses and working families. At a time when too many Americans remain out of work, it is critical that we continue to support policies that will help restore certainty to the marketplace, create jobs, and protect our consumers.

I urge support of this good bill.

BREAK IN TRANSCRIPT

Source