On the recordJuly 21, 2011
I raise this point of order not necessarily out of concern for unfunded mandates, although there are likely some in the underlying bill, H.R. 1315, but because this bill will put consumers and the American economy at risk. A year ago today, President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law. This law creates a strong Consumer Financial Protection Bureau, the CFPB, that will protect consumers, especially the poor and the most vulnerable, from unscrupulous practices in the financial industry. The Dodd-Frank law levels the playing field. The CFPB has taken steps to protect Americans against abuses by the financial industry, like payday lenders and debt collectors, that we were unable to monitor before the passage of the law. I oppose the underlying bill because it removes these protections. This bill, H.R. 1315, is designed to cripple the CFPB before it is up and running. Voters across party lines solidly support the Wall Street reform law. The American people want safeguards to help the economy and protect them from deceptive financial practices and predatory products. By trying to weaken the CFPB, Republicans in Congress just confirm how out of touch they are with the concerns of the American people. {time} 1230 Madam Speaker, I yield 3 minutes to the gentlelady from New York, Yvette Clarke.
