On the recordNovember 18, 2015
I thank the distinguished gentlewoman from California for yielding and for her leadership. Let's be clear. The opponents of this legislation are not playing the race card. America for centuries has played the race card--slavery, Jim Crow, lynchings, the Black Codes, institutional racism, unconscious bias--that continues to this day. Yes. Of course we have come a long way in the United States of America, but we still have a long way to go. Everyone should have recognized the fact a few months ago when those souls were killed in Charleston, South Carolina, that racism in many corridors in this country is still functional, in existence, and poisoning our society. So when we take a situation where African American consumers are paying higher interest rates for the same financial product when controlling for creditworthiness put in the context of history in this country, we are concerned. All we are simply saying is that, if we really believe in a country where everyone, regardless of color, has the opportunity to robustly pursue the American Dream, we need a level playing field. We need rules of engagement that apply to everyone, regardless of the color of their skin. We need equal opportunity. That doesn't exist right now in the automobile lending context. That is why I urge a ``no'' vote against this legislation. Let the CFPB do its work.
