Nydia M. Velazquez: “I thank Ranking Member Frank for his commitment and balanced approach to protect consumers in this country. Mr.…”

“I thank Ranking Member Frank for his commitment and balanced approach to protect consumers in this country. Mr. Chairman, I rise in strong opposition to H.R. 1315. My first question is: Do my colleagues on the other side of the aisle really have that short a memory? It was just 3 years ago when regulator indifference resulted in the single largest loss of middle class prosperity in this Nation's history, costing over $3 trillion in this country. In fact, we have spent the last month debating the need to raise the debt ceiling not because of the war in Iraq, not the stimulus plan, but because of the massive bailout needed as a result of regulators turning a blind eye to unfair and unsafe lending practices. You can go to any community in any part of this country and see the collateral damage resulting from Wall Street playing fast and loose under the disinterested watch of Federal regulation. In Brooklyn, one in eight mortgages is in serious delinquency or foreclosure. It was this type of dire situation that our working families were left with that necessitated, demanded that we act and create the CFPB. By consolidating all financial protection within the umbrella of CFPB, every American is given the peace of mind that someone is watching out for their interests, not some financial institution's bottom line. Unfortunately, the legislation before us today will create a completely unmanageable regulatory process, once again leaving the average American in financial limbo.…”