Political Quotes

“Mr. Chair, I yield myself 3 minutes. The Consumer Financial Protection Bureau was designed with one goal in mind: we were giving consumers a fair shake in the marketplace by making sure they finally had a regulator who was on their side. The CFPB is the only agency with the expertise and the mission to focus on developing trends in the consumer finance marketplace, identify abuses, and stop them before they lead borrowers into financial ruin. Prior to the passage of the Dodd-Frank Act, consumer financial laws were supposed to be enforced by cooperation amongst all of the regulators. But as we now know all too well, safety and soundness concerns time and again trumped those of consumer protection, leading to the system where all of the regulators were responsible and none of them were accountable. It was precisely this inattention to consumer protection that allowed the crisis to boil up under regulators' noses, leaving American families to foot the bill. Fortunately, Congress learned the lesson that strong protections for consumers are essential to maintaining a stable and sound economic foundation. Upon passage of the Dodd-Frank Act, this House finally had put a cop on the beat with exclusive authority to issue sensible rules that protect every American.…”