Political Quotes

“Mr. Speaker, if you are a consumer and you have a complaint or a problem of a financial nature, which regulator are you going to call, the FDIC, the Federal Reserve, the OCC, the CFTC, FTC, OFHEO, HUD, Treasury, OTS, NCUA, the SEC? In these challenging times, consumers should not have to have a Ph.D. in finance to quickly and easily get in touch with the appropriate State and Federal banking regulators. Given the complexity of our banking system and the various regulators that work in this area, consumers may not know where to turn when they have a dispute with their institutions. This legislation creates a single hotline that can help steer consumers in the right direction. Federal regulators currently have had an informal system in place to redirect misplaced consumer complaints, and regulators are constantly trying to improve the system. But this bill will ensure that no consumer complaint falls through the cracks. Consumers should not have to make 12 phone calls to find the right regulator. Again, I am pleased that this bill will ensure that consumer complaints are heard and that regulators are responsive. I urge my colleagues to support the bill.”