|
|
|
|
Van Hollen Statement in opposition to The Consumer Financial Protection Safety and Soundness Improvement Act (HR 1315)
Washington,
Jul 21, 2011 -
Mr. Speaker, I don’t think it’s lost on anyone in this House that today is both the first anniversary of the Dodd-Frank Wall Street Reform law, as well as the first day the Consumer Financial Protection Bureau (CFPB) created by that law officially begins its work on behalf of American families. And so it is disappointing – although not very surprising – that the majority would choose to bring a bill to the floor designed to undermine and delay this vitally important independent watchdog for American consumers.
Specifically, HR 1315 would invite gridlock at the Consumer Financial Protection Bureau by replacing its current Director with a less accountable five member commission. It would make it easier for other regulators to interfere with and overturn the Bureau’s proposed consumer protections. And it would delay the CFPB’s core functions until the Senate confirms the Chairman of the legislation’s proposed Board of Directors — something the Senate Republican leadership has publicly and repeatedly announced it is unwilling to do without further gutting the agency.
Mr. Speaker, although not the only cause, it is at this point beyond dispute that insufficiently regulated predatory lending practices targeting consumers with abusive financial products like subprime mortgages helped create the housing bubble that precipitated the financial crisis. Had the Consumer Financial Protection Bureau been in existence during the early 2000’s, we could have protected individual homebuyers from these marketplace abuses — and ultimately protected the nation from the financial meltdown that ensued.
Mr. Speaker, we have an obligation to learn from history. Rather than take the referee off the field, we should insist on a referee that enforces clear and understandable rules of the road so that American consumers can make informed decisions about the financial products that are right for themselves and their families.
I urge a no vote, and I yield back the balance of my time.
|
Print version of this document
|
Congressman Chris Van Hollen
