Political Quotes

“Mr. President, on July 21, we marked the 2-year anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act. This landmark law has taken important steps to rein in the Wall Street abuses that nearly drove our economy off the cliff in 2008. Two of its reforms were particularly important to me. One was the creation of the Consumer Financial Protection Bureau- the only agency in the Federal Government solely dedicated to looking out for consumers' financial interests. This agency has already been a game-changer when it comes to curbing the tricks in consumer financial products. It is bringing transparency and fairness to mortgages, private student loans, and credit cards. Last week, the CFPB announced its first ever enforcement action. It directed Capital One to pay about $150 million to more than 2 million consumers who had purchased deceptively marketed add-on products to their credit cards. This is a big step forward. It shows there is a real cop on the beat when it comes to consumer protection. I am proud of what this agency has accomplished so far, and I look forward to seeing it continue its important work for years to come. Another important provision in the Wall Street Reform bill was the provision I drafted to reform debit card swipe fees. The swipe fee is a fee that a bank receives from a merchant when the merchant accepts a credit or debit card that the bank issued. This fee is taken as a cut of the transaction amount.…”