OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Eliminate Privacy Notice Confusion Act

Floor Speech

Date: April 13, 2015
Location: Washington, DC
Issues: Business and Consumers

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Mr. SHERMAN. Mr. Speaker, I thank the gentleman for yielding.

I thank the gentleman from Missouri (Mr. Luetkemeyer) for his tireless work on this bill. This bill has passed virtually unanimously this House in the 111th, 112th, and 113th Congresses. Now it has passed our committee 57-0.

I want to commend Director Cordray of the Consumer Financial Protection Bureau for moving in the direction of this bill as far as they could, but now it is time to codify this important change. This will not only save money for the small- and medium-sized institutions and the entire financial services industry; it is going to get the consumer to focus on changes that are important.

There is no better way to hide a tree than to put it in the forest, and there is no better way to trivialize and cause consumers to ignore important legally required notification than to deluge them with unnecessary, meaningless, and repetitive notifications.

This bill will make our system more efficient. It is not only consistent, I believe, with what the regulators would like to do; it has passed, overwhelmingly, every time Members of the House have had a chance to deal with it.

I commend the gentleman from Missouri (Mr. Luetkemeyer).

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