Consumer Financial Protection Safety and Soundness Improvement Act of 2013

Floor Speech

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Mr. CONNOLLY. Mr. Chairman, I thank my distinguished ranking member and my friend from California.

Mr. Chairman, I rise to oppose this latest Republican assault on the CFPB. It is truly baffling to see my colleagues' continued attempts to undermine the only Federal regulator created to protect American consumers.

Contrary to the talking points of the other side, this mash-up of bills will only burden the CFPB with more bureaucracy, not less. For example, the bill would replace the Director, who has been on the job for just 6 months, after the Senate Republicans held up his confirmation for 2 years, with a cumbersome five-person commission.

The bill also seeks to take the CFPB out of the Federal Reserve and make it subject to annual congressional appropriations. My Republican colleagues claim this is to provide tougher oversight, but that is a ruse. They have already stated they would defund CFPB altogether if they could.

As ranking member of the House Oversight Subcommittee on Government Operations, I firmly believe in accountability, but I would note that Director Cordray has been before this Congress 46 times since CFPB was created. I would call that pretty responsive oversight.

After the 2008 Wall Street meltdown, safeguarding our financial system ought to be a primary concern, but this bill would, once again, place the interest of banks over those of consumers. As we saw during the financial crisis, innovation led to a wave of untested and sophisticated financial products, allowing dishonest actors to take advantage of many Americans.

Dodd-Frank, which my Republican friends fought against tooth-and-nail, remains Congress' sole substantive response to the greatest financial meltdown since the Great Depression.

My colleagues on the other side of the aisle found it necessary not only to fight against any attempt at regulating Wall Street, but waged much of the battle against the CFPB itself. Republicans in the Senate waged a 700-day battle to prevent a confirmation of CFPB's Director--700 days.

In just a short amount of time, since his confirmation, CFPB has become an effective champion for all Americans. It has fielded more than 280,000 consumer complaints.

The CHAIR. The time of the gentleman has expired.

Ms. WATERS. I yield 10 seconds to the gentleman.

Mr. CONNOLLY. This bill is a bad idea. It is an anti-consumer bill. I urge my colleagues to vote against it.

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