Restoring American Financial Stability Act of 2010

Floor Speech

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Mr. BROWN of Massachusetts. Mr. President, I thank Senator Reed from Rhode Island for his idea and his thoughtfulness in trying to protect our troops.

I want to discuss this amendment, as well. Senator Reed has a distinguished career in both the Army and as a Senator. He has always done his duty looking after the men and women not only of his State but also those in uniform. I thank him for the opportunity to work on this particular amendment with him.

As a 30-year member of the Army National Guard, I share Senator Reed's interest and commitment to our Nation's soldiers and their loved ones. As we all know, they make extreme sacrifices to keep us safe and keep our Nation safe.

This amendment would dedicate resources within the new Consumer Financial Protection Bureau to serve as a watchdog for military personnel and their families.

As you know, our military culture of honor, courage, and commitment demands prompt repayment of debts. As a result, payday lenders often congregate outside military facilities. Unfortunately, the financial terms offered by these lenders are not always clear, not always offered up in free form, and typically lead to very expensive and bad loans. Other financial predators have sold military personnel bogus life insurance policies.

These practices take advantage of our soldiers. Our young enlisted soldiers are particularly vulnerable. They don't have the necessary tools, resources, guidance, and financial assistance to make their decisions. They often spend time deployed far from their support networks at home, have steady paychecks, and promised pension benefits. As a result, those financial predators see them as a way to make money.

As they risk their lives defending our Nation in places such as Iraq and Afghanistan, at home they also wear a big target on their back. If a soldier gets into financial trouble with an unscrupulous lender, how is that soldier going to dispute those charges while they are deployed or getting ready to be deployed? Debts can pile up quickly. This dedicated office would be able to help sort out the truth and get them back to financial stability.

This issue, as you know--and I am about to conclude--has received a lot of attention. Today, there was an article in the Washington Post talking about how extra consumer protections are needed for our fighting men and women, citing the specific example of car dealerships employing high-pressure tactics to trap military families into expensive loans.

I urge colleagues to support this amendment, to put a cop on the beat to make sure our men and women in uniform have a chance to fight back against financial predators.

I yield the floor.

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