Jackie Speier: “I thank my good friend from Ohio. This is getting old. The majority knows it can't kill an idea whose time has come. So…”

“I thank my good friend from Ohio. This is getting old. The majority knows it can't kill an idea whose time has come. So now they're trying to slow down the process, just like their friends in the banking industry who use tricks and traps to separate American families from their hard-earned money. This bill is nothing more than an attempt to turn the CFPB into the Center For Profits and Big Business. The Consumer Financial Protection Bureau will provide families a level playing field upon which to shop for the full range of financial products. Nothing is getting banned. Consumers can still choose to make bad decisions if they wish, but now they'll have the tools to be better informed through the process. Instead of mountains of mortgage documents, they'll get a simple-to-read one-page document that they can then use to answer crucial questions like, Is this something that I can afford? Is this the best deal that I can get? The Consumer Financial Protection Bureau is the most accountable regulatory body in the world. In fact, it has a whole slew of regulators watching and questioning everything it does. It is required to undergo an annual GAO report; have all enforcement actions subject to appeal; and be regulated, in turn, by every other agency on the Financial Stability Oversight Council. Simply put, the CFPB helps families hold on to the money they might otherwise give to the banks. And the banks hate that.…”