Last month, my colleagues and I fought to preserve important protections Congress enacted last year that ensure Main Street will no longer fall victim to the predatory practices of Wall Street. In 2008, this country experienced the worst economic crisis since the Great Depression. Millions of Americans lost their jobs, homes, life savings and pensions because of the recklessness of some financial institutions. In response to this crisis, Congress constructed a government agency, the Consumer Financial Protection Bureau (CFPB), designed to look out for the American consumer first and foremost.
Now, just one year after we enacted the Dodd-Frank Wall Street and Consumer Protection Act, my Republican colleagues are unfortunately working to dismantle the safeguards we put in place. This past month, the Republican-led house voted to approve H.R.1315, a bill that cripples the authority and limits the effectiveness of the CFPB.
I want you to know that I voted against H.R. 1315, which does nothing to protect American consumers. Instead, it delays the transfer of authority to the CFPB and adds several levels of bureaucracy in an effort to prohibit its enforcement and efficacy. The bill also makes it easier for other banking regulators, who failed to protect consumers for years, to overturn the Bureau's rules. Equally appalling is the source of funds being used to pay for this bill. It takes money away from a government program aimed at helping homeowners struggling to keep their home, and using it to weaken the CFPB.
Millions of Americans are still struggling to find jobs and figure out how they are going to keep their homes. I believe we need to be working to bring financial security back to the American people and focus on legislation that helps our middle class recover. I am standing with American families to help get our economy back on track, and calling for strong consumer protection and effective accountability to prevent another financial crisis for Wall Street.
JOE BACA, Congressman
43rd Congressional District