DeLauro Urges Republicans to Put Main Street Before Wall Street

Statement

Congresswoman Rosa L. DeLauro (CT-3), Ranking Member on the Labor, Education, Health, and Human Services Appropriations Subcommittee, made the following remarks on the Floor of the United States House of Representatives today during the debate of H.R. 1315, the Consumer Financial Protection Safety and Soundness Improvement Act.

As Prepared for Delivery

I rise in strong opposition to the majority's attempt to undercut the Consumer Finance Protection Bureau just as it is set to open its doors. Yet again, this Majority is siding with Wall Street, credit card companies, predatory lenders and against the interests of the American people.

Three years ago, we suffered an economic meltdown that was brought on by greed, corruption, and well-documented incidents of predatory behavior. We are still dealing with the economic ramifications of that collapse today. People all across America are losing their jobs and fighting for their homes.

That is why, as part of the financial reforms Democrats passed last year, we created the Consumer Financial Protection Bureau -- to reintroduce transparency and accountability in the financial sector, to put an end to the predatory lending practices that were abused by banks and mortgage lenders to precipitate this crisis, and to protect the public from future malfeasance.

But now this Republican Majority wants to undo all of that hard work and put Wall Street back in the driver's seat.

The bill eliminates the Bureau's independence and gives the regulators who missed the financial crisis veto power over its actions -- all to ensure that nothing of consequence gets done to rein in Wall Street.

In order to promote gridlock and guarantee the Bureau is unable to curb the abuses that led to the financial crisis, the bill before us also removes the position of Director and installs a five-member commission at the head of the agency, while delaying consumer protection authorities until a Commission Chair is named.

This comes as Republicans have constantly attacked the Bureau's architect Elizabeth Warren and made clear that they will not approve any nominee for Director, including President Obama's nomination of Richard Cordray last week.

We are not here to represent the interests of Wall Street banks, predatory mortgage lenders and credit card companies as my Republican colleagues are choosing to do by smothering this new agency in its crib. We are here to represent the American people, and that is what the Consumer Financial Protection Bureau is designed to do.

I urge my colleagues to put Main Street before Wall Street, to stand up for ordinary, hard-working middle-class families and to oppose this Rule and the underlying legislation.

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