Carolyn Maloney: “I must say that the Republicans are chipping away at the independence of this very important bureau. We put it in the…”

“I must say that the Republicans are chipping away at the independence of this very important bureau. We put it in the Fed to have financial independence for regulation. They're putting it back under the appropriations system and cutting it dramatically. Dodd-Frank did a lot of good things, and one of them was to try to level the playing field for the consumer with the creation of the Consumer Financial Protection Bureau. For far too long in our financial system and its products, any concerns about consumer protection came in a distant second, a third, or not at all. Now, any American who opens a checking or savings account, anyone who takes out a student loan or a mortgage, anyone who opens a credit card or takes out a payday loan will have a Federal agency on their side to protect them. For the first time, consumer protection authority will be housed in one place, and the Democrats funded it. The Republicans are taking away that funding and that independence. This is a critically important amendment for the financial independence, security, and well-being of the consumer in our country and for the financial system.”