Steve Lynch: “I thank the gentlelady for yielding and for her work on behalf of American consumers. Mr. Chairman, I rise today in…”

“I thank the gentlelady for yielding and for her work on behalf of American consumers. Mr. Chairman, I rise today in opposition to H.R. 3193, the so-called Consumer Financial Protection and Soundness Improvement Act. Let's be clear about what my friends on the other side of the aisle are trying to do here today. They would really like to completely repeal the Consumer Financial Protection Bureau. Many of the sponsors of this act are the ones who tried to defeat the creation and empowerment of the CFPB to begin with. To be mindful, this is the only financial regulator solely responsible for protecting American consumers from unfair, deceptive, and abusive financial products. My friends on the other side of the aisle would like to destroy it, so they are trying to pass off this ``death by a thousand cuts'' approach as improvements to the Bureau's structure. This bill will bog down the consumer bureau in bureaucratic and congressional red tape. It will make it more difficult for the Bureau to seek out and retain qualified employees. It will also allow the companies that the Consumer Financial Protection Bureau is supposed to be regulating to have more information, better information--more accurate information, more extensive information--about consumers than the CFPB that is responsible for protecting them will have.…”