Susan Davis: “In the aftermath of the Great Recession, Congress established the Consumer Financial Protection Bureau for a very clear…”

“In the aftermath of the Great Recession, Congress established the Consumer Financial Protection Bureau for a very clear reason: to ensure that financial markets and services work for all Americans, not just the big banks and best connected. Today, the CFPB makes sure that consumers get the information they need to make smart financial decisions on everything from mortgages to credit cards to student loans. Today, the House majority will introduce a purely partisan measure called the Consumer Financial Protection Safety and Soundness Improvement Act. That is a mouthful, if nothing else, but rather than improve the CFPB, it would do precisely the opposite by undermining its independence and eliminating its rulemaking authority. Consumer protections could be scrapped. We must not repeat the same costly mistakes that put our economy in the free fall of the Great Recession. ____________________”