Barney Frank: “First, I want to express my objection to the rule. The chairman of the Rules Committee said maybe I can get a unanimous…”

“First, I want to express my objection to the rule. The chairman of the Rules Committee said maybe I can get a unanimous consent agreement to modify it. All amendments are not created equal. This rule gives a total of 10 minutes for each amendment, five and five. That is simply inadequate-- grossly inadequate--for discussing some of these important issues. There are two amendments in particular where I will be approaching my colleagues in the majority to see if we can get an extension of time. If that is not the case, I will be very, very disappointed that major issues here on this important subject of consumer protection would be given only 5 minutes on each side. Now let's get to the substance. My Republican colleagues have had a little bit of a change of heart since last year. When we debated this bill in committee--actually, we debated it in 2009 in committee, this particular section--they wanted to kill the whole bureau. They were opposed to the notion of an independent consumer bureau. Understand where we are. Consumer protection has always, until last year, been consigned to the financial regulators. Indeed, the largest single share of consumer protection was given, of all entities, to the Federal Reserve--and it's been, at best, a second thought for them and for some a non-thought. And the Republican position during the debate on this was: Do not set up a separate agency.…”