Today, Rep. Janice Hahn cast a resounding "No" vote on H.R. 1315, a bill devised to cripple the Consumer Financial Protection Bureau (CFPB), and leave the CFPB at the mercy of the same feckless Wall Street regulators who put astronomical bank profits above the savings of hard-working Americans.
"This bill is nothing more than an insidious attempt to prevent the Consumer Financial Protection Bureau from protecting hard-working Americans from the deception and greed of Wall Street bankers," said Congresswoman Hahn. "Far from "improving' financial protection safety and soundness, H.R. 1315 is designed to leave the Consumer Financial Protection Bureau toothless and ineffective--just the way Wall Street wants it."
H.R. 1315 makes it dramatically easier for banking regulators to veto the protections instituted by the CFPB, decapitates the Bureau in favor of a five-member Commission built for ineffectiveness, and aims to delay the CFPB's rule making authority indefinitely by waiting for the Senate to approve a Chairman for the Commission.
"Our financial system clearly needs someone standing up for hard-working Americans instead of big banks. This bill will create uncertainty in the market, delay critical reform, and put Wall Street back in the driver's seat," continued Hahn.