Political Quotes

“I commend the Senator from Rhode Island for his passionate and persistent advocacy for his amendment. He has been extremely eloquent. However, I have to oppose the Senator's amendment. I do it with some reluctance. Nobody has been more concerned about credit card abuses in this body than I have. We passed strong, new legislation to address many of these abuses just last year, and the Federal Reserve has written regulations to implement these protections. In addition, the Wall Street Reform Act includes a strong new consumer financial protection bureau that will, for the first time, create an independent entity devoted to empowering consumers with clear, transparent, easy-to-understand disclosures so that they can make smart financial decisions for themselves. This bureau will help achieve the goals that Senator Whitehouse hopes to accomplish with his amendment, though it will not be done in exactly the way he seeks to do it. By creating better disclosures, by eliminating confusing fine print, the consumer bureau will help consumers become better shoppers. This will help drive down credit card interest rates. In addition, as Senator Whitehouse knows, the Wall Street Reform Act will use States as partners in enforcing new rules under the consumer title. This will put additional cops on the beat to make sure American families are not lured into buying unfair, deceptive, or abusive financial products.”