On the recordMay 6, 2010
I rise today to discuss the consumer protection piece of the financial reform bill we have been debating. Let me start by expressing my appreciation for the good work of Chairman Dodd and the good work of Ranking Member Shelby and others who are making their way through a thoughtful process to try to get an overall bill that will work. This piece of the bill, though, in my judgment, needs a tremendous amount of effort, attention, and work yet. The consumer protection piece has generated a lot of debate. We have all asked the question in Banking Committee hearings and on the floor: What is the best way to protect consumers? Let me underscore that. This has not been a debate about whether we do or not. No one is talking about ignoring this piece of the legislation. No one is advocating that we do nothing on consumer protections. What we are trying to focus on is the best way of doing it. We need to keep that perspective in mind as this debate unfolds and motives and words get distorted and stretched. The bill before us establishes a consumer protection regime that is going to be housed at the Federal Reserve. But let me emphasize, that does not mean it is under its supervision. It functions like a stand-alone agency. This new 'bureau' will have what I would describe as unprecedented powers. It will reach into nearly every area of our economy with power over nearly everything.
