Congresswoman Jackie Speier signed on as an original co-sponsor to legislation establishing a Consumer Financial Protection Agency (CFPA).  Authored by House Financial Services Committee Chairman Barney Frank (D-MA), H.R. 3126 creates an independent agency empowered with a wide range of rulemaking, information-gathering, supervisory and enforcement tools to protect consumers of financial products offered by financial institutions. 

“I have been pushing for a financial products version of the Consumer Products Safety Commission since getting to Congress.  I am happy that President Obama has adopted the idea and look forward to seeing Chairman Frank’s legislation become law,” Speier said.

“From sub-prime mortgages, to exotic financial instruments, to short-term loans charging usurious interest rates, there are financial products being marketed to consumers that are every bit as dangerous as any faulty toaster or sub-standard automobile.  This new agency will finally put a watchdog outside our financial henhouse to keep the foxes honest.”

“I agree with Chairman Frank that this legislation will provide common sense consumer protections without burdening the legitimate activities of responsible financial institutions.”