Pelosi: Consumers Will Have a Powerful Advocate with Creation of New Consumer
Financial Protection Agency
WASHINGTON, Oct. 22 /PRNewswire-USNewswire/ -- Speaker Nancy Pelosi issued the
following statement today after the House Financial Services Committee
approved legislation to establish a Consumer Protection Financial Agency. The
bill, which was approved by a vote of 39 to 29, represents a key part of a
broader effort by Congress and President Obama to modernize America's
financial regulatory system in response to last year's financial crisis.
"With today's historic vote to establish a new Consumer Financial Protection
Agency, we move a step closer to answering President Obama's call for
strengthened accountability and responsibility by corporate America. This new
agency represents a key component of the groundbreaking and comprehensive
reform of financial regulation the House will consider in the coming weeks.
"The new agency will curtail abusive industry practices and will protect
consumers from mistreatment and protect the broader financial market from the
abuses of the past. For example, this new agency will be responsible for
enforcing the landmark Credit Cardholders Bill of Rights passed by Congress
and signed by President Obama this year, and the Mortgage Reform and
Anti-Predatory Lending bill that has already passed the House.
"Consumers will have a powerful advocate in the new agency, so that American
families can have the information they need to make informed financial
decisions. The agency will crack down on industry practices that are only
designed to increase profits at the expense of consumers, suffering with high
and hidden fees and small print no one can understand. In addition, the bill
restricts the Bush-era anti-consumer practice of suspending state consumer
protection laws and regulations.
"The House has already moved aggressively to pass legislation to reform
executive compensation practices at public companies, and I commend the
Financial Services Committee for moving to regulate the over-the-counter
derivatives market in which some of the most irresponsible action occurred
that helped lead to last year's financial crisis.
"Taxpayers should never be called upon to take responsibility for corporate
America's appalling business decisions and excess. The Congress and the Obama
Administration are working to enact tough financial regulatory reform in order
to prevent massive taxpayer interventions in the future.
"I commend Chairman Barney Frank for his leadership in shepherding this
path-breaking legislation that will bring us closer to a future free from the
abusive, anti-consumer practices that contributed to a financial crisis from
which we will spend years recovering."
SOURCE Office of the Speaker of the House
Brendan Daly or Nadeam Elshami or Drew Hammill, +1-202-226-7616
