This week the House is scheduled to consider H.R. 3193, legislation that would weaken the Consumer Financial Protection Bureau (CFPB) and hamper its ability to provide critical consumer protections for American middle class families. This bill creates legislative roadblocks that will impede the necessary oversight the Bureau provides to prevent another financial crisis from weakening our middle class. As Members of the House Financial Services Committee, we urge you to oppose this legislation.
Nearly four years after the CFPB was created by Congress, it is disconcerting that the House continues to consider legislation that undercuts to the CFPB's mission -- making markets for consumer financial products and services work for Americans. Prior to the CFPB, financial consumer protection was inefficiently and ineffectively enforced. Our financial consumer protection oversight was fragmented and spread across several regulators who did not appropriately and effectively prioritize consumer protections.
By streamlining and consolidating financial consumer protection into the CFPB, Congress created a single regulator responsible for prioritizing consumer protection while balancing those protections with the overall impact on the financial system and economy. The structure and basic function of the CFPB is settled. Instead of considering bills like H.R. 3193, Congress should continue its oversight of the agency in its current form.
The House Financial Services Committee has held over a dozen hearings examining CFPB and proposed CFPB regulations in recent years. Robust oversight and accountability to Congress are not just appropriate for our financial regulators, they are absolutely necessary. But we cannot move backwards and jeopardize the financial security of hardworking families and our economy as a whole.
Stand with consumers and oppose this flawed, unnecessary legislation to undo progress we've made since reforming Wall Street. Vote no on H.R. 3193.