Date: 2011-07-21
Speaker: JACKSON LEE (democrat)
Chamber: H
State: Texas

I thank Mr. FRANK. and I thank the ranking member. and I thank the managers of this legislation as well. Mr. Chairman. I have become friends with my two poster pictures here because I do think they symbolize sort of the composite of America. My amendment. I think. focuses on making sure that the Consumer Financial Protection Bureau. which is something that consumers asked forsometimes under the Christmas tree or during the giftgiving season. you get a gift that you may not have asked for. but you know theres a problem or you know you want something. and all of a sudden that gift shows up. Thats what the DoddFrank bill did with the Consumer Financial Protection Bureau. Now my friends want to defang. derail and delay this very important legislation. The bureau is one of the strongest provisions of the DoddFrank bill. and it was created to consolidate the authorities responsible for consumer protection. It is an important bill because. American consumers. you need to have strong protection: credit cards. buying a car. student loans. Were not trying to undermine businesses. Were simply trying to create an even playing field. My amendment empowers the consumer board and ensures that it will be able to issue the rules that will protect the average financial consumer. The bill that were speaking of. as written. empowers the Financial Stability Oversight Council to overrule a consumer victory by a simple majority vote. This will literally turn the authority of the CFPB around and weaken consumer authority. My amendment restores the twothirds responsibility. or the twothirds vote. that is needed to overrule a good vote for the consumersa good vote for this nurse who may be buying a car. a good vote for this little one whose parents may be overburdened with credit card debt because they signed on to credit cards with enormous interest rates of which they are unaware. or it may be able to help these military families. many of them suffering because of the sons and daughters. husbands and wives who are overseasto be able to say to these families. you can get a home without being defrauded. So I ask my colleagues to support this amendment. Mr. Chair. I rise today in support of my amendment. number 4 to H.R. 1315. the Consumer Financial Protections and Safety Act. My amendment will ensure the Consumer Financial Protection Bureau (CFPB) will be able to make effective decisions on behalf of the public by restoring the twothirds majority vote in order for the Financial Stability Oversight Council (FSOC) to overturn a CFPB ruling. The creation of the Consumer Financial Protection Bureau (CFPB) is one of the strongest provisions in the DoddFrank legislation passed last year. The Bureau was created to consolidate the authorities responsible for consumer protection. American consumers need a strong independent CFPB to police credit and payment markets and to put consumer protection first. The widespread economic crisis has threatened consumer wealth. The impact has reached consumers worldwide. Many Consumers lost their assets. incomes. and ultimately confidence. Consolidating these regulatory authorities allowed the bureau to exert its influence and enforce consumer protections. With this newly defined power afforded to the CFPB came a new era of oversight. The CFPB has stopped unfair practices. protected the average consumer from fraud and abuse. and held big business accountable to prevent bailouts at the expense of the taxpayers.