House Session 2011-07-21 (13:06:50-14:07:54)


IS DECIDED IN THE AFFIRMATIVE. WITHOUT OBJECTION, THE MOTION TO RECONSIDER IS LAID UPON THE TABLE. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM — FOR THE PURPOSE
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CUSTOMARY. OF DEBATE ONLY I YIELD THE
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THE GENTLEMAN FROM WILL SUSPEND. THE GENTLEWOMAN FROM FLORIDA, FOR WHAT PURPOSE DOES DO YOU
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I REQUEST UNANIMOUS RISE? CONSENT TO REMOVE MY NAME AS A CO-SPONSOR FROM H.R. 605. WITHOUT OBJECTION. THE HOUSE WILL BE IN ORDER. THE HOUSE WILL BE IN ORDER. THE HOUSE WILL BE IN ORDER. THE GENTLEMAN FROM TEXAS IS RECOGNIZED FOR ONE HOUR. FOR THE PURPOSE OF DEBATE ONLY I, YIELD THE CUSTOMARY 30 MINUTES TO THE RANKING MEMBER OF THE RULES COMMITTEE, MY FRIEND, THE GENTLEWOMAN, MS. SLAUGHTER. PENDING WHICH I YIELD MYSELF SUCH TIME AS I MAY CONSUME. THE GENTLEMAN IS RECOGNIZED FOR SUCH TIME AS HE MAY CONSUME. MADAM SPEAKER, THE HOUSE IS NOT IN ORDER. THE GENTLEMAN’S CORRECT. WILL ALL MEMBERS WHO WANT TO HAVE CONVERSATIONS PLEASE TAKE THOSE CONVERSATIONS FROM THE HOUSE FLOOR. ON BOTH SIDES OF THE AISLE. MEMBERS WILL TAKE CONVERSATIONS
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ALL RIGHT. OFF THE HOUSE FLOOR, PLEASE. THE GENTLEMAN FROM TEXAS. MADAM SPEAKER, I
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ASK UNANIMOUS CONSENT THAT ALL MEMBERS MAY HAVE FIVE LEGISLATIVE DAYS TO REVISE AND EXTEND THEIR REMARKS. WITHOUT OBJECTION. HOUSE RESOLUTION 358, PROVIDES FOR A STRUCTURED RULE DESIGNATED BY THE RULES COMMITTEE FOR CONSIDERATION OF H.R. 1315. THIS RULES ALLOWS 11 OF 14 AMENDMENTS SUBMITTED TO THE RULES COMMITTEE TO BE MADE IN ORDER. THE GENTLEMAN WILL SUSPEND. WILL MEMBERS PLEASE TAKE YOUR CONVERSATIONS OFF THE HOUSE FLOOR. AND THOSE MEMBERS WHO ARE TALKING IN THE CHAMBER, PLEASE EITHER STOP TALKING OR LEAVE THE CHAMBER, PLEASE. ON BOTH SIDES OF THE AISLE. THE LONGER THIS TAKES, THE LONGER WE’RE HERE. THE GENTLEMAN FROM TEXAS. THANK YOU, MADAM SPEAKER. THIS RULE PROVIDES FOR DEBATE AND AMENDMENT OPPORTUNITIES FOR MEMBERS OF THE MINORITY AND MAJORITY TO CHANGE THE LEGISLATIVE TEXT OF THE UNDERLYING BILL. MADAM SPEAKER, I RISE TODAY IN SUPPORT OF THIS RULE AND THE UNDERLYING LEGISLATION. THIS LEGISLATION, CONSUMER FINANCIAL PROTECTION SAFETY AND SOUNDNESS IMPROVEMENT ACT WAS INTRODUCED BY MY DEAR FRIEND IN WISCONSIN, THE CONGRESSMAN, SEAN DUFFY, ON APRIL 1, 2011. THE BILL WENT THROUGH REGULAR ORDER, WITH HEARINGS, SUBCOMMITTEE MARKUP, AND A FULL COMMITTEE MARKUP.
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IN ORDER. MADAM SPEAKER, THE HOUSE IS NOT THE GENTLEMAN IS CORRECT. COLLEAGUES, PLEASE TAKE CONVERSATIONS OFF THE HOUSE FLOOR. MEMBERS IN THE BACK OF THE CHAMBER WHO WOULD LIKE TO TALK, PLEASE EXIT THE CHAMBER. WE’LL TRY ONE MORE TIME THE GENTLEMAN FROM TEXAS.
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THANK YOU, MR. SPEAKER. I APPLAUD MY FRIEND, THE DISTINGUISHED CHAIRMAN OF THE FINANCIAL SERVICES COMMITTEE, THE GENTLEMAN FROM ALABAMA, SPENCER BAUCUS, FOR PROVIDING SUCH AN OPEN PROCESS AND AN OPPORTUNITY FOR ALL MEMBERS OF THE FINANCIAL SERVICES COMMITTEE TO PARTICIPATE IN REFORMING AND CHANGING THIS BILL. ADDITIONALLY, THE CHAIRMAN OF THE RULES COMMITTEE, THE GENTLEMAN FROM, DAVID DREIER, HAS ONCE AGAIN PROVIDED MEMBERS OF THIS BODY WITH A RULES COMMITTEE VOTE TO ENSURE THAT WE HAVE TRANSPARENCY AND
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ACCOUNTABLE STRUCTURE UNDER THE RULE WHICH WE ARE DISCUSSING TODAY. ALLOWING MEMBERS FROM BOTH SIDES OF THE AISLE THIS OPPORTUNITY TO OFFER AMENDMENTS AND TO JOIN IN THE DEBATE OF THE UNDERLYING LEGISLATION. TODAY MARKS THE FIRST ANNIVERSARY THAT PRESIDENT OBAMA SIGNED INTO LAW THE 1,300-PAGE UNPRECEDENT FEDERAL OVERHAUL OF THE FINANCIAL SERVICES INDUSTRY. THE FRANK-DODD WALL STREET REFORM ACT. I HAD THE OPPORTUNITY TO DISCUSS THIS BILL TODAY AND ALSO I DID LAST CONGRESS AND WE SPOKE AT THAT TIME ABOUT ITS OVERARCHING REFORMS THAT WERE BEING MADE IN THAT LEGISLATION. ADDITIONALLY, I WILL DISCUSS WHY AND HOW IT IS BAD FOR OUR CURRENT ECONOMY AND WHAT THE REPUBLICAN UNDERLYING BILL WILL DO TO PROTECT CONSUMERS, ENSURE CREDIT, AND ALLOW FOR ECONOMIC GROWTH. LAST YEAR I STOOD BEFORE THIS BODY TO STATE THAT OUR FRIENDS ON THE OTHER SIDE OF THE AISLE, THEY WERE ONCE AGAIN ALLOWING THE GOVERNMENT TO OVERSTEP ITS BOUNDARIES WELL INTO THE PRIVATE MARKETPLACE. ONE OF THE MOST FAR-REACHING PROVISIONS OF THE DODD-FRANK BILL SIGNED INTO LAW LAST YEAR IS THE CREATION OF THE CONSUMER FINANCIAL PROTECTION BUREAU, BEST KNOWN AS CFPB. THE CFPB IS A CLASSIC EXAMPLE OF THE GOVERNMENT UNNECESSARILY CRIPPLING ITS AUTHORITY INTO THE FREE ENTERPRISE SYSTEM. THIS MASSIVE NEW BUREAU, WHICH WILL BE LED BY A CREDIT CZAR, WHO WILL HAVE UNPRECEDENTED AND UNCHECKED AUTHORITY TO RESTRICT PRODUCT CHOICES FOR CONSUMERS AND IMPOSE FEES ON CONSUMER PRODUCTS AND FINANCIAL TRANSACTIONS. JUST ABOUT ANY BUSINESS OR FINANCIAL INSTITUTION WHO OFFERS ANY FORM OF CREDIT FALLS UNDERNEATH THE JURISDICTION OF THE CFPB. THE NEW BUREAUCRACY WOULD RAISE COSTS FOR CONSUMERS. I WILL SAY THIS AGAIN, WILL RAISE COSTS FOR CONSUMERS. IT WILL REDUCE THE NUMBER AND TYPES OF PRODUCTS AVAILABLE TO THEM. IT WILL INCREASE THE MICROMANAGEMENT OF FINANCIAL SERVICES FIRMS, AND WILL GREATLY INCREASE THE CONFUSION CAUSED BY DIFFERING AND CONFLICTING CONSUMER LAWS ACROSS THE UNITED STATES. THE UNDERLYING BILL WE ARE VOTING ON TODAY IS DESIGNED TO PROMOTE GREATER ACCOUNTABILITY AND TRANSPARENCY AT THIS CFPB AND TO ENSURE THAT THE CFPB FULFILLS ITS CONSUMER PROTECTION MANDATE WITHOUT UNDERMINING THE SAFETY AND SOUNDNESS OF THE FINANCIAL SYSTEM. THIS BILL ACHIEVES THIS MISSION BY MAKING THE LEADERSHIP STRUCTURE OF THE CFPB A CLIEGEYABBLE BODY, STREAMLINING THE FINANCIAL STABILITY OVERSIGHT COUNCIL OR WHAT IS KNOWN AS F-SOC. THEIR REVIEW AND OVERSIGHT OF CFPB RULES AND REGULATIONS AND DELAYING THE TRANSFER OF FUNCTIONS FROM OTHER FEDERAL REGULATORY BODIES TO THE CFPB UNTIL THE DATE ON WHICH THE CHAIR OF THE COMMISSION OF THE CFPB IS CONFIRMED BY THE SENATE. THIS COMES AND IT IS OF GREAT DEAL OF IMPORTANCE SINCE IT WAS JUST THIS WEEK THAT PRESIDENT OBAMA NOMINATED RICHARD CONRAY AS THE DIRECTOR OF CFPB WHICH OFFICIALLY BEGINS ITS OVERSIGHTS OF BANKS WITH MORE THAN $10 BILLION OF ASSETS TODAY. SO, NO DIRECTOR, NO MISSION STATEMENT, NO ACCOUNTABILITY. . NO HEARING IN THE SENATE TO CONFIRM WHO WOULD HAVE THIS EXTENSIVE AUTHORITY AND RESPONSIBILITY. THE CONSUMER FINANCIAL PROTECTION SAFETY AND SOUNDNESS IMPROVEMENT ACT MAKES THREE IMPORTANT CHANGES TO THE CURRENT CFPB. FIRST IT WOULD CHANGE THE VOTE REQUIRED TO SET ASIDE A CFPB REGULATION FROM 2/3 OF THE FSOC MEMBERSHIP TO A SIMPLE MAJORITY VOTE. EXCLUDING THE CHAIR OF THE CFPB. A LETTER FROM THE AMERICAN BANKERS ASSOCIATION FROM MAY 3, 2011, STATES, AND I QUOTE, THE VERY PURPOSE OF THE FSOC WAS TO AVOID PROBLEMS THAT COULD LEAD TO RISK THAT THREATENED THE ECONOMY, TO IGNORE THE MAJORITY VIEW POINT OF THE REGULATORS WITH THIS RESPONSIBILITY IS COMPLETELY COUNTER TO ITS MISSION STATEMENT AND THAT OF THE COUNCIL. THIS FIRST PROVISION ENSURES THAT THE COUNCIL CARRIES OUT THE INTENDED MISSION AND GOAL. SECOND, THE BILL WOULD CLARIFY THAT THE FSOC MUST SET ASIDE ANY CFPB PROVISION THAT IS INCONSISTENT WITH THE SAFE AND SOUND OPERATION OF U.S. FINANCIAL INSTITUTIONS. LASTLY THE BILL AMENDS DODD-FRANK WHICH PROVIDED FOR THE CFPB TO BE HEADED BY A DIRECTOR — TO BE REPLACED WITH A BIPARTISAN COMMISSION, WITH THE RESPONSIBILITY OF EXERCISING THE BUREAU’S AUTHORITIES. THIS WAS IN THE ORIGINAL HOUSE VERSION OF THE BILL AND WAS CHANGED BY THE SENATE DURING CONFERENCE. IN A LETTER SENT BY THE U.S. CHAMBER OF COMMERCE DATED MAY 3, 2011, THE U.S. CHAMBER EXPRESSED SUPPORT SAYING, THE CHAMBER STRONGLY SUPPORTS THIS REFORM BECAUSE IT WOULD CONFORM THE BUREAU TO OTHER INDEPENDENT AGENCIES, ENSURE IMPARTIAL DECISION MAKING, MINIMIZE THE RISK OF REGULATORY CAPTURE AND ENSURE CONTINUED AND — CONTINUED STABILITY OVER THE LONG RUN. REFORMS TO THE CFPB AS IT STANDS ARE NECESSARY TO AVOID BUSINESS
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CLOSURES, LIMITATIONS TO STARTUP COMPANIES, SLOWER ECONOMIC GROWTH AND TO ENSURE THAT WE DO NOT HINDER THE FREE ENTERPRISE SYSTEM. THESE ARE ALL IN THE BEST INTEREST OF CONSUMERS.
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AND OUR COUNTRY. THE UNDERLYING LEGISLATION ENSURES THALT ORIGINAL INTENT OF THIS LEGISLATION — ENSURES THAT THE ORIGINAL INTENT OF THIS LEGISLATION — LEGISLATION IS CARRIED OUT IN A FAIR AND UNBUYSED MANNER TO ENSURE THAT SAFETY AND THE — UNBIASED MANNER TO ENSURE THAT THE SAFETY AND SOUNDNESS OF OUR FINANCIAL INSTITUTIONS.
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I ENCOURAGE A YES VOTE ON THE RULE AND THE UNDERLYING LEGISLATION.
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I RESERVE THE BALANCE OF MY TIME. THE GENTLEMAN RESERVES THE BALANCE OF HIS TIME. THE GENTLEWOMAN FROM NEW YORK. MADAM SPEAKER, I THANK MY FRIEND FOR YIELDING ME THE CUSTOMARY 30 MINUTES AND YIELD MYSELF SUCH TIME AS I MAY CONSUME. THE GENTLEWOMAN IS RECOGNIZED.
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MADAM SPEAKER, THE CONSUMER FINANCIAL PROTECTION BUREAU IS A REFLECTION OF THE NATION’S VALUELESS. IT EMBODIES THE IDEALS OF
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EQUALITY. FAIRNESS, ACCOUNTABILITY AND
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VALUES THAT HELP US DEFINE WHO WE ARE AS A PEOPLE. JUST AS IMPORTANTLY THE CFPB BRINGS ACCOUNTABILITY AND TRANSPARENCY TO THE FINANCIAL SECTOR AND RECUSES THE RISK THAT CONSUME — REDUCES THE RISK THAT CONSUMERS WILL BE SOLD FINANCIAL PRODUCTS THEY DON’T UNDERSTAND AND CAN’T AFFORD TO BUY. THE CFPB IS ALREADY HARD AT WORK, THIS AGENCY HAS STARTED BY PROPOSING SIMPLIFIED DISCLOSURE OF MORTGAGES SO THAT CONSUMERS CAN READ THEM. ISN’T THAT REFRESHING? IN PLAIN LANGUAGE THE TERMS OF AGREEMENT BEFORE SIGNING ON THE DOTTED LINE. DESPITE THIS VALUABLE START, TODAY’S BILL IS DESIGNED TO EFFECTIVELY NEUTER THE AGENCY BEFORE IT CAN FULLY BEGIN TO SERVE THE MIDDLE CLASS. IN SO DOING THIS BILL IS A GIVEAWAY TO SPECIAL INTERESTS IN THE FINANCIAL SECTOR THAT FEARS THEY WILL FINALLY BE HELD ACCOUNTABLE BY THE LAW. APPARENTLY UNCHASENED BY THE ECONOMIC CRISIS THEY PLUNGED US INTO, FINANCIAL FIRMS CONTINUE TO TAKE ADVANTAGE OF UNKNOWING CONSUMERS. JUST THIS PAST YEAR A ROW BOW SIGNING SCANDAL — ROBO SIGNING SCANDAL LED TO BANKS FORECLOSING ON MANY FAMILIES WHO HAD DONE ABSOLUTELY NOTHING WRONG.
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THESE FIRMS WILL NOT STOP TRYING TO TAKE ADVANTAGE OF PEOPLE UNLESS SOMEONE FORCES THEM TO STOP. DESPITE ALL THIS, THE MAJORITY PROPOSES THAT WE WEAKEN THE VERY AGENCY DESIGNED TO PROTECT CONSUMERS AGAINST THE ILLEGAL PRACTICES AND UNFAIR PLAY. THE CFPB WAS LAUNCHED THANKS TO THE GREAT WORK OF PROFESSOR ELIZABETH WARREN AND A TEAM OF PROFESSIONALS THAT SHE HAS ASSEMBLED TO LAUNCH THE AGENCY.
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INVALUABLE. THEIR WORK HAS BEEN TIRELESS AND PROFESSOR WARREN ASECURITYLY UNDERSTANDS THE STRUGGLES OF AMERICAN FAMILIES — ACUTELY UNDERSTANDS THE STRUGGLES OF AMERICAN FAMILYLESS. — FAMILIES. WHILE SPEAKING ABOUT THE NOMINATION OF RICHARD CORNRAY, PROFESSOR SAID, I REMAIN HOPEFUL THAT THOSE WHO WANT TO CRIPPLE THIS CONSUMER BUREAU WILL THINK AGAIN AND REMEMBER THE FINANCIAL CRISIS AND THE RECESSION AND JOB LOSSES THAT SPARKED ONE LOUSY MORTGAGE AT A TIME. I ALSO HOPE THAT WHEN THOSE SENATORS AND CONGRESSMEN NEXT GO HOME, EXCUSE ME, THEY ASK THEIR
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CONSTITUENTS HOW THEY FEEL ABOUT FINE PRINT, ABOUT SIGNING CONTRACTS WITH TERMS THAT ARE INCOMPREHENSIBLE, ABOUT LEARNING THE TRUE COST OF A FINANCIAL TRANSACTION ONLY LATER WHEN FEES ARE PILED ON OR INTEREST RATES ARE RESET. I HOPE THEY WILL ASK THE PEOPLE IN THEIR DISTRICT IF THEY ARE OPPOSED TO AN AGENCY THAT IS WORKING TO MAKE PRICES CLEAR OR IF THEY THINK BUDGETS SHOULD BE CUT FOR AN AGENCY TRYING TO MAKE SURE THAT TRILLION-DOLLAR BANKS FOLLOW THE LAW AND MEMBERS OF THE HOUSE –ENT QUOTE, MEMBERS OF THIS HOUSE WILL DO WELL TO REMEMBER HER WORDS. WHEN WE VOTE TODAY TO PROTECT THE MIDDLE CLASS AND THE MILLIONS OF CONSUMERS STRUGGLING TO MAKE ENDS MEET, OR WILL THIS BODY STAND WITH FINANCIAL LOBBYISTS AND LEAVE THE MIDDLE CLASS TO GO IT ALONE? IN THE STRONGEST POSSIBLE TERMS, I URGE MY COLLEAGUES TO TAKE A VOTE THAT REFLECTS OUR VALUES AND VOTE AGAINST THIS RULE WE’RE CONSIDERING TODAY AND AGAINST THE UNDERLYING BILL. PLEASE LET’S STAND UP FOR THE AMERICAN FAMILIES AND THE HELPLESS PEOPLE WHO ARE SIMPLY STRUGGLING TO GET BY.
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DESPITE WHAT WE HAVE DONE FOR THEM.
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AND I RESERVE THE BALANCE OF MY TIME. THE GENTLELADY RESERVES THE BALANCE OF HER TIME. THE GENTLEMAN FROM TEXAS. THANK YOU, MADAM SPEAKER. IN ENCOURAGEMENT TO MY DEAR COLLEAGUE, THE GENTLEWOMAN, MS. SLAUGHTER, I WOULD LIKE TO INFORM HER THAT I HAVE FEWER SPEAKERS AS A RESULT OF COMMITTEE HEARINGS AND WOULD ENCOURAGE HER TO RUN THROUGH SEVERAL — PERHAPS TWO OF HER SPEAKERS AT THIS TIME AND THEN I WILL BE AVAILABLE WITH MINE.
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I RESERVE THE BALANCE OF MY TIME. THE GENTLEMAN RESERVES. THE GENTLEWOMAN FROM NEW YORK. I’M PLEASED TO YIELD FIVE MINUTES TO MR. FRANK OF MASSACHUSETTS. HOW MUCH TIME? FIVE. THE GENTLEMAN IS RECOGNIZED FOR FIVE MINUTES. FIRST I WANT TO EXPRESS MY OBJECTION TO THE RULE, THE CHAIRMAN OF THE RULES
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COMMITTEE SAID MAYBE I CAN GET A UNANIMOUS CONSENT AGREEMENT TO MODIFY IT. ALL THE MEMBERS ARE NOT CREATED EQUAL. THIS RULE GIVES A TOTAL OF 10
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AND FIVE. MINUTES FOR EACH AMENDMENT, FIVE THAT IS SIMPLY INADEQUATE, GROSSLY INADEQUATE, FOR DISCUSSING SOME OF THESE IMPORTANT AMENDMENTS. THERE ARE TWO AMENDMENTS IN PARTICULAR WHERE I WILL BE APPROACHING MY COLLEAGUES IN THE MAJORITY TO SEE IF WE CAN GET AN EXTENSION OF TIME. BUT IF THAT’S NOT THE CASE, I WILL BE VERY, VERY DISAPPOINTED THAT MAJOR ISSUES HERE IN THIS IMPORTANT SUBJECT OF CONSUMER PROTECTION WOULD BE GIVEN ONLY FIVE MINUTES ON EACH SIDE. NOW, LET’S GET TO THE SUBSTANCE. MY REPUBLICAN COLLEAGUES HAVE HAD A LITTLE BIT OF A CHANGE OF HEART SINCE LAST YEAR. WHEN WE DEBATED THIS BILL IN COMMITTEE, ACTUALLY WE DEBATED IT IN 2009 IN COMMITTEE, THIS PARTICULAR SECTION, THEY WANTED TO KILL THE WHOLE BUREAU. THEY WERE OPPOSED TO THE NOTION OF AN INDEPENDENT CONSUMER BUREAU, UNDERSTAND WHERE WE ARE. CONSUMER PROTECTION HAS ALWAYS UNTIL LAST YEAR BEEN CON SIGNED TO THE FINANCIAL — CONSIGNED TO THE FINANCIAL REGULATORS. INDEED THE LARGEST SINGLE SHARE OF CONSUMER PROTECTION WAS GIVEN OF ALL ENTITIES TO THE FEDERAL RESERVE AND IT’S BEEN AT BEST A SECOND THOUGHT FOR THEM AND FOR SOME A NONTHOUGHT. AND THE REPUBLICAN POSITION DURING THE DEBATE ON THIS WAS, DO NOT SET UP A SEPARATE AGENCY. NOW THEY SAY, WELL, WE’RE NOT OPPOSING THE SEPARATE AGENCY, WE’RE JUST WANTING TO DISMANTLE IT IN EFFECT. SO WE WILL GET INTO THE SPECIFICS BUT LET’S BE CLEAR, THIS IS AS CLOSE AS THEY DARE COME NOW BECAUSE OF PUBLIC
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AGENCY. OPINION TO ABOLISHING THE WHOLE THEY WANT TO WEAKEN IT AND THEN THEY WILL WANT TO UNDERCUT IT ALTOGETHER. OF COURSE THIS IS THE THIRD MAJOR ASSAULT THEY’VE MADE ON THE FINANCIAL REFORM BILL. YESTERDAY IN COMMITTEE INCREDIT PLI THE FINANCIAL SERVICE COMMITTEE VOTED TO — INCREDIBLY THE FINANCIAL SERVICE COMMITTEE VOTED TO REDUCE THE LIABILITY RATING AGENCIES WILL FACE IF THEY PUT AN INACCURATE STATEMENT INTO A PERSPECTIVE. IF YOU BUY THAT SECURITY BASED ON INACCURACIES FROM THE RATING AGENCIES THEY WANT TO LESSEN WHAT WE GIVE PEOPLE IN THE BILL OF RIGHTS TO SUE AND CONSISTENTLY THE REPUBLICANS HAVE VOTED SPECIFICALLY TO DENY TO THE COMMODITIES, FUTURES TRADING COMMISSION THE FUNDS THEY WOULD NEED TO DEAL WITH SPECULATION AND ENERGY AND MR. KINGSTON ON BEHALF OF THE MAJORITY SAID, SPECULATION’S NOT NOTHING TO DO WITH OIL PRICES. NO ONE BELIEVES THAT EXCEPT APPARENTLY HIM AND MAYBE THOSE REPUBLICANS WHO VOTED FOR HIM. TODAY THERE IS AN ASSAULT ON THE MOST IMPORTANT THING THAT’S EVER BEEN DONE TO PROTECT CONSUMERS IN THE FINANCIAL AREA. NOW, THE REPUBLICANS HAVE BEEN SAYING, WE’RE NOT TRYING TO KILL IT, WE JUST WANT TO MAKE IT WORKABLE OR BETTER. BUT LAST YEAR, AND I WILL ASK UNANIMOUS CONSENT, MADAM SPEAKER, TO PUT INTO THE RECORD STATEMENTS FROM ABOUT A DOZEN OF THE REPUBLICANS, MR. GARRETT, MR. HENSARLING, MR. PRICE, MRS. BIGGERT, MR. MANZULLO, MR. BACHUS, MANY OTHERS, THEY MADE
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IT CLEAR THEY DIDN’T WANT THE WHOLE AGENCY. SO THIS NOTION THAT THEY’RE JUST TRYING TO IMPROVE IT IS BELIED BY THE FACT THAT THEY TRIED TO KILL IT. EVEN THEN MR. BACHUS SOMETIMES HAS TROUBLE STICKING TO HIS OWN LINE. HERE’S WHAT HE SAID THIS MORNING ON CNBC. WE’RE NOT TRYING TO KILL IT, THAT’S BEEN TOTALLY MISREPRESENTED. REPUBLICANS STAND STRONGLY BEHIND CONSUMER PROTECTION.
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SOUNDNESS HAS TO BE CONSIDERED WE HOWEVER THINK THAT SAFETY AND SO THAT WE DON’T WORRY ABOUT A FEDERAL RESERVE OR AN FDIC BUT WE DO WORRY ABOUT A CONSUMER PROTECTION AGENCY WHOSE SOLE GOAL IS TO BENEFIT CONSUMERS WITHOUT CONSIDERING HOW THAT
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BENEFIT AFFECTS THE STABILITY OF OUR FINANCIAL INSTITUTIONS. WELL, IT DOESN’T GO THE OTHER WAY, THEY DON’T WORRY ABOUT WHAT THE FINANCIAL INSTITUTIONS DO TO CONSUMERS, BUT LET ME READ AGAIN WHAT HE SAYS. WE DO WORRY ABOUT A CONSUMER PROTECTION AGENCY WHOSE SOLE GOAL IS TO BENEFIT CONSUMERS WITHOUT WORRYING ABOUT THE POOR BANKS AND WHAT THE BILL WILL DO BASKETBALL WILL — WILL TO PUT THE BANK REGULATORS IN CHARGE OF CONSUMER PROTECTION AND THESE ARE THE BANK REGULATORS WHOM MR. BACHUS EARLIER SAID, THE REGULATORS’ JOB IS TO SERVE THE BANKS. SO IN ROUND ABOUT WAYS THEY ARE TRYING TO ACCOMPLISH HERE WHAT THEY ADMITTED THEY WANTED TO ACCOMPLISH BEFORE. THE CONSUMER AGENCY DOES NOT HAVE AN AGGRESSIVE ROLE, IT DOESN’T GO OUT THERE AND DO THINGS IN A POSITIVE WAY, IT IS A PROTECTION AGENCY. NOW, WE PASSED A CREDIT CARD REGULATION BILL AND MANY ON THE REPUBLICAN SIDE WERE VERY OPPOSED TO THAT A COUPLE YEARS AGO, IT’S WORKED VERY WELL, ONE OF THE MAIN AUTHORS IS HERE. THAT’S HELPED PEOPLE, IT HASN’T HURT THEM. ONE OF THE THINGS THE CONSUMER AGENCY GETS UNDER OUR BILL IS THE POWER TO COVER CURRENTLY NONREGULATED ENTITIES, PAYDAY
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AREN’T COVERED. LENDERS, MORTGAGE LENDERS WHO FRANKLY THAT’S IN THE INTEREST OF CONSUMERS, THE CREDIT UNION FEDERATION LIKES MUCH OF THE REPUBLICAN BILL, BUT THEY DON’T LIKE THE PART THAT WOULD SLOW DOWN THE TAKEOVER OF REGULATION OVER THEIR COMPETITORS. BAD MORTGAGES WERE NOT JUST A PROBLEM FOR INDIVIDUALS, THEY WERE A PROBLEM FOR THE WHOLE ECONOMY. WE WANT TO STRENGTHEN THE ABILITY TO HAVE BAD MORTGAGES. THEY DON’T WANT THAT TO HAPPEN. THIS IS A PARTY, THE REPUBLICAN PARTY, THAT WANT TO KILL THIS — I ASK FOR 30 SECONDS. LET ME YIELD THE GENTLEMAN ANOTHER MINUTE. THANK YOU.
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DIDN’T REALIZE. MADAM SPEAKER, YOU GAVEL SO — I WHAT WE HAVE IS, AS THE STATEMENTS I AM SUBMITTING SHOW, THE REPUBLICANS WANTED LAST YEAR TO MAINTAIN THE STATUS QUO IN WHICH THE REGULATORS OF THE BANKS WHOSE JOBS IT IS ACCORDING TO THE REPUBLICAN CHAIRMAN OF THE COMMITTEE TO SERVE THE BANKS WOULD MAINTAIN THIS AND THEY
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SOLE GOAL IS TO PROTECT WORRY ABOUT AN INSTITUTION WHOSE CONSUMERS. THEY DON’T WORRY, HE SAYS, WE DON’T WORRY ABOUT THE FEDERAL RESERVE, WE DON’T WORRY ABOUT THE FDIC, WE WORRY ABOUT AN INSTITUTION WHOSE SOLE GOAL IS TO PROTECT THE CONSUMERS. THEY DO UNDERSTAND THAT POLITICALLY IT’S NOT A GOOD IDEA TO BE FULLY STRAIGHTFORWARD ABOUT THEIR INTENTION AND THEY’D REALLY LIKE TO APPEAL IT BUT WHAT THEY ARE TRYING TO DO TODAY IS SUBSTANTIALLY WEAK CONTINUE AND THE MOST IMPORTANT THING THEY WILL DO IS TO PUT BACK IN CHARGE OF THE INDEPENDENT CONSUMER REGULATOR THE VERY BANK REGULATORS WHO HISTORICALLY HAVE NOT PROTECTED THE CONSUMER BECAUSE SOME OF THEM AGREED WITH THE CHAIRMAN OF THE COMMITTEE, THE REPUBLICAN CHAIRMAN, THAT THE JOB WAS TO SERVE THE BANKS AND IT WOULD SUBSTANTIALLY WEAKEN CONSUMER PROTECTION. I DO NOT THINK THAT IS THE RIGHT WAY TO GO. THE GENTLEMAN’S TIME HAS EXPIRED. THE GENTLEWOMAN FROM NEW YORK. MADAM SPEAKER, I’M PLEASED TO YIELD THREE MINUTES TO THE GENTLEWOMAN FROM CONNECTICUT, MS. DELAURO. THE GENTLEWOMAN IS RECOGNIZED. MADAM SPEAKER, I RISE IN STRONG OPPOSITION TO THE MAJORITY’S ATTEMPT TO UNDERCUT THE CONSUMER FINANCE PROTECTION BUREAU. JUST AS IT IS SET TO OPEN ITS DOORS. YET AGAIN THIS MAJORITY IS
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CARD COMPANIES, PREDATORY SIDING WITH WALL STREET, CREDIT LENDERS AND AGAINST THE INTERESTS OF THE AMERICAN PEOPLE. THREE YEARS AGO WE SUFFERED AN ECONOMIC MELTDOWN THAT WAS BROUGHT ON BY GREED, CORRUPTION AND RAW DOCUMENTED INCIDENTS OF PREDATORY BEHAVIOR. WE ARE STILL DEALING WITH THE ECONOMIC RAMIFICATIONS OF THAT COLLAPSE TODAY AND PEOPLE ALL ACROSS AMERICA ARE LOSING THEIR JOBS AND FIGHTING FOR THEIR HOMES. THAT IS WHY AS PART OF THE FINANCIAL REFORMS THAT DEMOCRATS
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CONSUMER FINANCIAL PROTECTION PASSED LAST YEAR, WE CREATED THE BUREAU TO REINTRODUCE TRANSPARENCY AND ACCOUNTABILITY IN THE FINANCIAL SECTOR, TO PUT AN END TO PREDATORY LENDING PRACTICES THAT WERE ABUSED BY THE BANKS AND THE MORTGAGE LENDERS, TO PRECIPITATE THIS CRISIS AND TO PROTECT THE PUBLIC FROM FUTURE MALFEASANCE. BUT NOW THIS REPUBLICAN MAJORITY WANTS TO UNDO ALL OF THAT HARD WORK, PUT WALL STREET BACK IN THE DRIVER’S SEAT. THE BILL ELIMINATES THE BUREAU’S INDEPENDENCE AND IT GIVES THE REGULATORS WHO MISSED THE FINANCIAL CRISIS — IT GIVES THEM VETO POWER OVER ITS ACTIONS. ALL TO ENSURE THAT NOTHING OF CONSEQUENCE GETS DONE TO REIN IN
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. WALL STREET. IN ORDER TO THE BILL BEFORE US ALSO REMOVES THE POSITION OF DIRECTOR AND THE FIVE MEMBER COMMISSION AT THE HEAD OF THE AGENCY, WHILE DELAYING CONSUMER PROTECTION AUTHORITY UNTIL A COMMISSION CHAIR IS NAMED. THIS COMES AS REPUBLICANS HAVE CONSTANTLY ATTACKED THE BUREAU’S ARCHITECT, ELIZABETH WARREN, MADE CLEAR THEY WILL NOT APPROVE ANY NOMINEE FOR DIRECTOR, INCLUDING PRESIDENT OBAMA’S NOMINATION OF RICHARD
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CORDRAY LAST WEEK. WE ARE NOT HERE TO REPRESENT THE INTEREST OF WALL STREET. THE BANK, PREDATORY MORTGAGE LENDERS, CREDIT CARD COMPANIES, AS MY REPUBLICAN COLLEAGUES ARE CHOOSING TO DO BY SMOTHERING THIS NEW AGENCY IN ITS CRIB. WE ARE HERE TO REPRESENT THE AMERICAN PEOPLE. THAT IS WHAT THE CONSUMER FINANCIAL PROTECTION BUREAU HAS BEEN DESIGNED TO DO. I URGE MY COLLEAGUES, PUT MAIN STREET BEFORE WALL STREET. STAND UP FOR ORDINARY, HARDWORKING, MIDDLE CLASS FAMILIES, OPPOSE THIS RULE AND THE UNDERLYING LEGISLATION. I YIELD BACK. THE GENTLEWOMAN YIELDS BACK. THE GENTLEMAN FROM TEXAS.
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THANK YOU, MADAM SPEAKER. AT THIS TIME I’D LIKE TO YIELD FOUR MINUTES TO THE GENTLEMAN FROM SAN ANTONIO, TEXAS, A FRESHMAN MEMBER OF THIS BODY, CONGRESSMAN FRANCISCO CANSECO. THE GENTLEMAN FROM TEXAS IS RECOGNIZED FOR FOUR MINUTES.
830
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THANK YOU, MADAM SPEAKER. THANK YOU, MR. CHAIRMAN. I’D LIKE TO THANK MR. DUFFY, CHAIRMAN BAUCUS, AND CHAIRMAN CAPITO, FOR THEIR LEADERSHIP ON THIS IMPORTANT MATTER. MADAM SPEAKER, I STRONG — I RISE IN STRONG SUPPORT OF THE RULE AND THE UNDERLYING BILL WITH WHICH IMPORTANT MEASURES OF ACCOUNTABILITY TO AN AGENCY THAT CURRENTLY OPERATES
843
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INDEPENDENT OF ANY REAL OVERSIGHT. THE MISSION OF THE CONSUMER FINANCIAL PROTECTION BUREAU IS INDEED PUZZLING. HOW EXACTLY A GOVERNMENT BUREAU IS GOING TO DETERMINE WHAT FINANCIAL PRODUCTS ARE SUITABLE FOR EVERY AMERICAN FAMILY HAS BEEN EXPLAINED — HAS NEVER BEEN EXPLAINED. I HAVE GREAT CONCERN THAT CONSUMER PROTECTION IS MERELY A EUPHEMISM FOR CONSUME — CONSUMER RESTRICTION AND CREAL. EQUALLY CONCERNING IS THAT THIS AGENCY CURRENTLY OPERATES OUTSIDE THE NORMAL CHECKS AND BALANCES THAT EXIST OF THE BEDROCK OF OUR SYSTEM OF GOVERNMENT. THE DIRECTOR OF THE AGENCY HAS ENORMOUS INFLUENCE OVER FAMILY DECISIONS REGARDING CREDIT CARDS AND MORTGAGES AND THERE CURRENTLY EXISTS AN EXTREMELY HIGH AND NONSENSICAL STANDARD FOR OVERTURNING CFPB RULE. THE DIRECTOR CAN SET THE CFPB’S BUDGET EVERY YEAR WITHOUT EVER HAVING TO APPEAR BEFORE CONGRESS. DESPITE ALL OF THIS, THE PERSON APPOINTED BY THE PRESIDENT TO ADVISE TREASURY ON THE SETUP OF THIS AGENCY CAME BEFORE THE HOUSE FINANCIAL SERVICES COMMITTEE AND CALLED IT THE MOST CONSTRAINED AND MOST ACCOUNTABLE AGENCY IN GOVERNMENT. ONLY IN WASHINGTON CAN SOMEONE MAKE THAT CLAIM WITH A STRAIGHT FACE. I FULLY SUPPORT H.R. 1315 WHICH WOULD REPLACE THE SINGLE DIRECTOR WITH A MORE DEMOCRATIC COMMISSION AND WOULD ALSO REQUIRE A SIMPLE MAJORITY OF VOTE OF THE FINANCIAL STABILITY OVERSIGHT COUNCIL TO OVERTURN A CFPB RULE. MADAM SPEAKER, THE FINANCIAL CRISIS DID NOT OCCUR BECAUSE OF A LACK OF RULES, AND IT CERTAINLY DID NOT EXIST BECAUSE OF A LACK OF FEDERAL BUREAUCRACIES. REGULATORY OVERKILL DOES NOT EQUAL EFFECTIVE REGULATION. IT MEANS FEWER JOBS AND HIGHER UNEMPLOYMENT. THE LAST THING WE NEED IS AN UNRESTRAINED AGENCY ADDING MORE UNCERTAINTY TO OUR ECONOMY AND DESTROYING OUR ABILITY TO GROW THE ECONOMY AND CREATE JOBS. THIS LEGISLATION WILL HELP REMOVE THE THREAT TO ECONOMIC AND JOB GROWTH THAT THE CFPB CURRENTLY POSES. MADAM SPEAKER, I YIELD BACK THE BALANCE OF MY TIME. THE GENTLEMAN YIELDS BACK.
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MADAM SPEAKER, THE GENTLEWOMAN FROM NEW YORK. I’M PLEASED TO YIELD THREE MINUTES TO THE GENTLEWOMAN FROM NEW YORK, MRS. MALONEY. THE GENTLEWOMAN FROM NEW YORK IS RECOGNIZED FOR THREE MINUTES. I THANK THE GREAT LEADER FROM NEW YORK STATE FOR HER LEADERSHIP ON THIS COMMITTEE AND THIS GREAT CONGRESS AND FOR FIGHTING EVERY DAY FOR THE AMERICAN PEOPLE IN NEW YORK STATE. ONE YEAR AGO TODAY PRESIDENT OBAMA SIGNED INTO LAW THE DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT. THIS LANDMARK LAW HELPED RESTORE FAITH IN OUR INSTITUTIONS AND MARKETS, HELPED OUR ECONOMY, AND HELPED CONSUMERS. YET ON THIS HISTORIC DAY MY FRIENDS ON THE OTHER SIDE OF THE AISLE ARE DOING EVERYTHING THEY CAN TO DEFUND, DEFANG, AND DERAIL THE IMPORTANT CONSUMER PROTECTION OFFICE. NOW, WHAT IS THIS OFFICE SUPPOSED TO DO? IT IS GOING TO MAKE PRICES CLEAR TO CONSUMERS. RISKS CLEAR TO CONSUMERS, AND MAKE MARKETS WORK FOR THE AMERICAN MIDDLE CLASS FAMILIES. WE NEED THIS INDEPENDENT OFFICE. FOR TOO LONG NO ONE WAS LOOKING OUT FOR CONSUMERS, AND WE PAID DEARLY FOR IT IN THE FINANCIAL CRISIS. BUT NOW WITH THE CFPB, EVERYONE WHO TAKES OUT A STUDENT LOAN, EVERYONE WHO TAKES OUT A MORTGAGE, EVERYONE WHO TAKES OUT ANY FINANCIAL PRODUCT WILL HAVE A FINANCIAL CONSUMER PROTECTION AGENCY ON THEIR SIDE. AND WE NEED THIS PROTECTION. JUST YESTERDAY IT WAS REPORTED THAT ONE OF OUR LARGEST INSTITUTIONS RECEIVED THE LAVERAGEST — LARGEST FINE EVER, $84 MILLION FOR ILLEGALLY PUSHING BORROWERS INTO SUBPRIME MORTGAGES. 10,000 AMERICANS IN THIS SUIT
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ALONE FOR FALSIFYING LOAN DOCUMENTS. IF A CFPB HAD BEEN IN PLACE, THAT COULD HAVE HELPED THE 10,000 PEOPLE. LET ME TELL YOU, I’M CALLING THIS REPUBLICAN BILL, LET’S JUST FORGET THAT THE FINANCIAL CRISIS EVER HAPPENED. LET’S JUST FORGET THE PAIN THAT IT CAUSED TO PEOPLE. AND THE PAINFUL LESSONS OF THE GREAT RECESSION. THESE PRACTICES COST OUR COUNTRY DEARLY. ACCORDING TO THE FIGURES FROM THE FEDERAL RESERVE, BETWEEN THE SPRING OF 2007 AND THE FIRST QUARTER OF 2009, THE U.S. HOUSEHOLD WEALTH FELL BY ABOUT $16.4 TRILLION. THAT IS PAIN TO THE OVERALL ECONOMY AND TO THE FAMILIES. AND THAT IS A SUM THAT WOULD BE MORE THAN ENOUGH TO PAY OFF THE ENTIRE U.S. NATIONAL DEBT. AND IF THE CFPB HAD BEEN IN PLACE IN 2001, WE MIGHT HAVE AVOIDED THE MOST PAINFUL AND DISRUPTIVE ECONOMIC DOWNTURN IN OUR LIFETIME. WE MUST FIGHT TO PROTECT CONSUMERS AND I BELIEVE WHEN IT COMES TO GREAT RECESSIONS, ONCE IS MORE THAN ENOUGH. LET’S STOP THESE PRACTICES THAT HURT CONSUMERS. PROTECT OUR OVERALL ECONOMY. AND PROTECT OUR PEOPLE. THE AMERICAN PEOPLE AGREE. THE GENTLELADY’S TIME HAS EXPIRED. 93% FAVOR IT.
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FPB. THE AMERICAN PEOPLE FAVOR THE C WE SHOULD LET IT OPEN ITS DOORS AND PROTECT CONSUMERS. I YIELD BACK. THE GENTLELADY’S TIME HAS EXPIRED. THE GENTLEMAN FROM TEXAS. WE’LL CONTINUE TO RESERVE. THE GENTLEMAN FROM RESERVES. THE GENTLEWOMAN FROM NEW YORK. MADAM SPEAKER, I AM PLEASED TO YIELD TWO MINUTES TO THE GENTLEMAN FROM VERMONT. THE GENTLEMAN FROM VERMONT IS RECOGNIZED FOR TWO MINUTES.
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I THANK THE GENTLELADY. IF THERE IS A PROBLEM, IT’S THAT IT WAS PASSED TWO YEARS AFTER RATHER THAN TWO YEARS BEFORE THE WALL STREET MELTDOWN. THAT WAS A CATASTROPHE. IT WAS SO BAD THAT ONE OF THE MOST CONSERVATIVE PRESIDENTS IN THE HISTORY OF THIS COUNTRY CAME TO CONGRESS WITH THE GOLDMAN SACHS SECRETARY OF THE TREASURY, ASKING CONGRESS TO AUTHORIZE $750 BILLION TO BAIL OUT WALL STREET COLLAPSE.
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. THAT WAS AN AVOIDABLE SITUATION THE REASON IT COLLAPSED IS BECAUSE OF THE FACT THAT THE ONLY PROBLEM WORSE THAN NO REGULATION — OR LITTLE REGULATION IS NO REGULATION AT ALL. THAT’S WHAT WALL STREET HAD ENJOYED. THE HEART OF THE CRISIS WERE THE SUBPRIME MORTGAGES THAT WERE LOANS TO PEOPLE WHO HAD NO DOCUMENTATION, NO ABILITY TO PAY THEM BACK. THEY WERE SOLD NOT BECAUSE IT WAS EVEN IN EXEFFECTATION THEY WOULD BE PAID BACK BUT THEY WERE SOLD TO THE MORTGAGEES SO THAT THEY COULD THEN BE SOLD OFF TO INVESTORS. THIS WAS THE ARCHITECTURE OF CATASTROPHE. AND THE AMERICAN ECONOMY IS STILL REELING FROM IT. THE TRADITION OF REGULATION IN THIS COUNTRY GOES BACK TO TEDDY ROOSEVELT. A REPUBLICAN TRUST BUSTER, WHO UNDERSTOOD THAT THE PUBLIC HAD TO BE PROTECTED. WHO UNDERSTOOD WITH PROPER REGULATION YOU SET FAIR RULES FOR BUSINESS TO OPERATE. THAT LEVELS THE PLAYING FIELD FOR THOSE GOOD BANKS TO DO WHAT’S RIGHT, TO DO IT IN THE LIGHT OF DAY, TO PROVIDE PROTECTION TO CONSUMERS WHO ARE BUSY WITH THEIR OWN LIVES AND DON’T HAVE TIME TO GO OVER ALL OF THE FORMS. THIS CONSUMER PROTECTION AGENCY IS ABSOLUTELY ESSENTIAL TO PROVIDING FAIRNESS TO CONSUMERS AND SECURITY IN THEIR TRANSACTION, TO PROTECT THEM FROM UNSCRUPULOUS ACTIVITY THAT DOES AND CAN OCCUR, AND IT’S IMPORTANT TO OUR BANKS AND OUR FINANCIAL INDUSTRY THAT WANTS TO PLAY BY THE RULES AND DO IT THE RIGHT WAY. THIS IS VERY IMPORTANT LEGISLATION AND WE MUST DEFEAT THE INFECT REPEAL AND RETRACTION OF DODD-FRANK. I YIELD BACK. THE
1115
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GENTLEMAN’S TIME HAS EXPIRED. THE GENTLEMAN FROM TEXAS CONTINUES TO RESERVE. THE GENTLEWOMAN FROM NEW YORK. MADAM SPEAKER, I’M PLEASED TO YIELD TWO
1121
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MINUTES TO THE GENTLEMAN FROM TEXAS. THE GENTLEMAN FROM TEXAS IS RECOGNIZED FOR TWO MINUTES. ONLY A YEAR AGO REPUBLICANS WERE USING EVERY TRICK IN THE BOOK TO STOP ANY CONSUMER PROTECTION BUREAU. THEY NEVER REALLY STOPPED. THE PARTY OF WALL STREET BAILOUTS, BIG BANK BUDDIES, WERE DENYING OUR FAMILIES BASIC PROTECTION FROM CREDIT ABUSES. THE LYRICS OF STEVE EARL WHO GREW UP ON THE EDGE OF SAN ANTONIO RING TRUE FOR SO MANY FAMILIES, YOU GO TO SCHOOL, AND LEARN TO READ AND WRITE, SO YOU CAN WALK INTO THE BANK AND SIGN AWAY YOUR LIFE. SO MANY FAMILIES WERE DECEIVED BY TAKING OUT MORTGAGES OR CREDIT CARD OR PAYDAY LOAN ON TERMS THAT ONLY IN THE FINE
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PRINT DID THE BIG LENDERS UNDERSTAND. MANY OF THESE FAMILIES WERE COUNTING ON A HOME, ON A JOB, ON A RETIREMENT PLAN, OR MAYBE WITH THEIR CREDIT CARD JUST TO PUT CLOTHES ON THE KIDS AND FOOD ON THE FAMILY’S TABLE. NOBODY WAS THERE TO PROTECT THEM FROM THE TRICKS AND TRAPS THAT SOME CREDITORS USED TO ENRICH THEMSELVES AND FLEEZE CONSUMERS WITH LOANS WITH INCREDIBLE INTEREST RATES. IN TOO MANY OF THESE TRANSACTIONS, WHAT WERE ONCE KNOWN AS LOAN SHARKS CAN TODAY LEGALLY PLY THEIR TRADE. IF YOU’RE MUGGED ON THE STREET, YOU CAN LOSE YOUR WALLET. BUT IF YOU’RE MUGGED ON WALL STREET YOU CAN LOSE A LIFETIME OF SAVINGS. THAT’S WHY WE NEED THIS NEW SQUAD OF FINANCIAL COPS WHOSE SOLE JOB WILL BE TO PROTECT THOSE WHO BORROW FROM ABUSE. WITH FORECLOSURES AT NEAR RECORD HEIGHTS IN SAN ANTONIO AND IN AUSTIN, NOW IS NOT THE TIME FOR A RETREAT BY CONSUMER LAW ENFORCEMENT. OPPOSE THIS LATEST REPUBLICAN ATTEMPT TO ROLL BACK THE POWER OF THE CONSUMER FINANCIAL PROTECTION BUREAU, AND OPPOSE THE EFFORT TO TAKE COPS OFF THE BEAT WHEN WE NEED THEM THE MOST. I YIELD BACK. THE GENTLEMAN YIELDS BACK.
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WE’LL CONTINUE TO RESERVE. THE GENTLEWOMAN FROM NEW YORK. MADAM SPEAKER, I AM PLEASED TO GIVE MORE TIME TO THE RANKING MEMBER OF THE FINANCIAL SERVICES. FIVE MINUTES. THE GENTLEMAN FROM MASSACHUSETTS IS RECOGNIZED FOR FIVE MINUTES. MADAM SPEAKER, IF I HAD TO STAND UP HERE AND DEFEND WEAKENING CONSUMER PROTECTION IN THE AREA OF FINANCIAL ACTIVITY, I WOULDN’T BE TOO EAGER TO DO IT, EITHER. I UNDERSTAND THE ABSENCE OF DISCUSSION HERE. LET ME MAKE ONE GENERAL POINT. WHEN WE LEGISLATE YOU HAVE TO TAKE HISTORY INTO ACCOUNT AND WHAT THE BALANCE IS. THE ARGUMENT ESSENTIALLY OF THE REPUBLICAN PARTY HERE S. I WISH IT WRRNT PARTISAN, BUT IT IS, THEY MADE IT PARTISAN, NOT US, THE POSITION OF THE REPUBLICAN PARTY IS THAT THERE IS A SERIOUS DANGER THAT WE WILL OVERPROTECT THE CONSUMER. THAT THE FEDERAL REGULATORS WILL DO TOO MUCH FOR THE CONSUMER.
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HAVE. THAT’S AN EXTRAORDINARY FEAR TO INDEED, THAT IS NOT A FEAR, THAT’S APHOBIA. IT IS BASED ON UNREALITY. THE FACT IS AS WE HAVE SEEN THIS NOW, WE WERE ABLE TO GET THIS LEGISLATION ENACTED WITH THE BRILLIANT WORK OF ELIZABETH WARREN WHOSE NOMINATION DID NOT COME AS IT SHOULD HAVE, ALTHOUGH I VERY MUCH ADMIRE HER. WHAT WE HAD WAS AN UNUSUAL MOMENT BECAUSE THE IRRESPONSIBLE PRACTICES OF MANY, NOT ALL ON THE FINANCIAL COMMUNITY — BY THE WAY, LET ME REPEAT, MUCH OF THE PROBLEM CAME FROM THE UNREGULATED. NOT FROM THE FINANCIAL INSTITUTIONS. AND ONE OF THE THINGS WE DO IN THIS BILL WHICH IS SUPPORTED BY THE CONSUMERS UNION — CREDIT UNION ASSOCIATION IS TO COVER THE UNREGULATED. SO THAT COMMUNITY BANKS AND CREDIT UNIONS WHICH DID NOT CAUSE THIS PROBLEM ARE PROTECTED FROM THE PRESSURES OF UNFAIR COMPETITION BY THE UNREGULATED. BUT BUT WHAT WE HAD WAS AN UNUSUAL MOMENT IN WHICH THERE WAS A GREAT DEAL OF PUBLIC AWARENESS OF THE NEED TO DEAL WITH THIS. SO WE WERE ABLE TO GET AN INDEPENDENT CONSUMER AGENCY THROUGH OVER THE UNANIMOUS OPPOSITION OF THE REPUBLICAN PARTY. BUT AS THINGS GO FORWARD THE AVERAGE CITIZEN HAS GOT OTHER THINGS TO WORRY ABOUT. SO WHAT WE’LL SEE ARE THE BANK LOBBYISTS AND THE NONBANK LOBBYISTS AND ALL THE PEOPLE WHO REPRESENT THESE MORTGAGE LENDERS ALREADY TRYING TO ERODE THINGS. AND APPARENTLY MY COLLEAGUES WOULD LIKE PEOPLE TO BELIEVE THAT THEY SERIOUSLY THINK THAT THE DANGER IS WE WILL PROTECT THE CONSUMER TOO MUCH. I DEFY ANYONE TO SHOW ME A MOMENT IN AMERICAN HISTORY WHEN WE DID TOO MUCH TO PROTECT THE CONSUMERS IN THE FINANCIAL AREA. WHAT WE TRY TO DO HERE IS TO PUT SOMETHING IN PLACE THAT WILL GO AGAINST THAT OVERRIDING TENDENCY TO UNDERPROTECT THE CONSUMER AND THE REPUBLICANS SAY, OH, NO, WE’RE FOR CONSUMER PROTECTION, WE’RE NOT TRYING TO ABOLISH THIS AGENCY, YES, THEY ARE. AND LET ME CITE THE BILL THEY SPONSORED LAST YEAR, THE
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BIGGERT, SUPPORTED THE BILL. GENTLEWOMAN FROM ILLINOIS, MRS. AND WHAT IT DID WAS IT WOULD TAKE THE FEDERAL FINANCIAL INSTITUTIONS COUNCIL, EXPAND IT TO 14 MEMBERS, IT WOULD PUT ON THERE FOR CONSUMER PROTECTION A WHOLE RANGE OF OPTIONS AND OTHERS AND IT WOULD GIVE THEM THE POWER TO STUDY THIS ISSUE BUT IT IS VERY, VERY CLEAR THAT
1304
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. THIS COUNCIL WOULD HAVE NO POWER HERE’S WHAT IT SAYS. THIS IS THE BIGGERT BILL THAT WAS SUBMITTED — BIGGERT BILL THAT WAS SUBMITTED. PAGE 5, NO PROVISION OF THIS SUBSECTION SHALL BE CONSTRUED AS CONFERRING ANY ENFORCEMENT AUTHORITY TO THE COUNCIL. HERE’S WHAT IT DOES. TO COME TO THE AID OF THE BELEAGUERED CONSUMER, IT SETS UP A HOTLINE. I DON’T KNOW WHAT MOVIES THEY’VE SEEN BUT I CAN’T REMEMBER ONE WHERE A HOTLINE RODE TO THE RESCUE OF THE IMPERILED. SO THEY SHALL ESTABLISH A TOLL FREE HOTLINE AND WEBSITE TO CONTACT REGARDING INQUIRIES OR COMPLAINTS RELATED TO CONSUMER PROTECTION. AND WHAT DOES THIS POWERFUL COUNCIL DO WITH THIS IMPORTANT HOTLINE? IT REFERRED THEM, IT REFERS THE INQUIRIES OR COMPLAINTS TO THE APPROPRIATE COUNCIL MEMBER. YOU KNOW WHO YOUR COUNCIL MEMBERS ARE? THE BANK REGULATORS, THE FEDERAL RESERVES, THE CONTROL OF THE CURRENCY. SO INSTEAD OF HAVING AN INDEPENDENT AGENCY AND, YEAH, THE CHAIRMAN OF THE COMMITTEE, MR. BACHUS, SAID, WE THINK THAT SAFETY AND SOUNDNESS HAS TO BE CONSIDERED SO WE DON’T WORRY ABOUT THE FEDERAL RESERVE AND FD, THEY HAD NO INTEREST IN THE FACT THAT THEY UNDERPROTECTED CONSUMERS, ALLOWED CONSUMERS TO BE ABUSED HISTORICALLY. WE DO WORRY, MR. BACHUS SAYS, A CONSUMER PROTECTION AGENCY WHOSE SOLE GOAL IS TO BENEFIT CONSUMERS WITHOUT CONSIDERING HOW THAT BENEFIT IN FACT AFFECTS THE BANKS BECAUSE HE BELIEVES THE REGULATORS ARE THERE TO SERVE THE BANKS. SO HERE’S THE REPUBLICAN PLAN. YOU TAKE THE BANK REGULATORS, YOU THROW IN A FEW OTHER OFFICERS, YOU GET IT TO AN UNWIELDY SIZE, YOU LET THEM DO STUDIES AND YOU LET THEM SET UP A HOTLINE. YOU LET THEM SET UP A HOTLINE, WHAT A POWERFUL TOOLMENT AND WHEN THINGS COME IN OVER THE HOTLINE, THEY THEN REFER THEM BACK TO THE VERY SAME BANK
1369
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REGULATORS WHO FAILED TO DO THIS.
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NOW THAT’S WHAT THEY REALLY WANTED. WE WERE ABLE TO GET THIS PASSED. AND THEY KNOW IT’S POPULAR.
1375
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THEY UNDERSTAND WHAT THE PUBLIC THINKS. THE PUBLIC DOES NOT THINK THAT THE POOR BANKS NEED TO BE PROTECTED AGAINST THESE CONSUMERS. SO THEY COME UP, INSTEAD OF REPEALING IT OUTRIGHT, WITH WAYS TO WEAKEN IT. WE OUGHT TO REJECT THIS BECAUSE THESE — THIS PARTICULAR BILL IS A PROXY FOR WHAT THEY REALLY
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AGENCY. WANT TO DO, ABOLISHING THE WHOLE THE GENTLEMAN’S TIME HAS EXPIRED. THE GENTLEMAN FROM TEXAS. THANK YOU, MADAM SPEAKER. YOU KNOW, I’M GOING TO HAVE TO STAND UP FOR WHAT WE’RE HERE FOR TODAY AND THAT IS, MADAM SPEAKER, THAT AFTER THIS BILL IS PASSED IT TOOK ALMOST ONE YEAR FOR THE PRESIDENT TO APPOINT THE PERSON WHO WOULD RUN THE CFPB. THE PERSON WHO RUNS THE CFPB IS REQUIRED TO HAVE SENATE CONFIRMATION. DURING SENATE CONFIRMATION, IT’S A PROCESS THAT TAKES PLACE FOR SENIOR ADMINISTRATORS WHO RUN OUR GOVERNMENT, DURING THAT PERIOD OF TIME THIS PERSON WOULD BE EXPECTED, WHO IS NOMINATED BY THE PRESIDENT, WOULD BE EXPECTED TO COME ON BEHALF OF THE AGENCY AS A RESULT OF UNDERSTANDING THEIR MISSION STATEMENT AND THE THINGS THAT THEY DO, WOULD BE EXPECTED TO COME TO THE UNITED STATES SENATE AND TO EXPRESS THEIR IDEAS. THIS IS A BRAND NEW AGENCY. HOW IT WOULD BE RUN, WHAT THEIR MANDATE WOULD BE, HOW THEY WOULD MANAGE THE ASSETS AND RESOURCES NOT ONLY OF THE AGENCY BUT HOW THEY VIEWED THAT MISSION STATEMENT VIS-A-VIS THE INDUSTRY. THE PRESIDENT TOOK A YEAR TO NOMINATE THIS PERSON. THAT PERSON HAS NOT EVEN BEGUN THEIR HEARINGS. I THINK, AND THIS IS WHAT REPUBLICANS THINK AND THIS IS WHAT OUR BILL SAYS TODAY, I KNOW THE GENTLEMAN, MR. FRANK, SAID, OH, NO, REPUBLICANS HAVE SOMETHING FAR GREATER AND BIGGER, IT’S THAT THEY DON’T WANT THIS AGENCY. WELL, PERHAPS WE DON’T WANT THE CFPB, PERHAPS WE DON’T, BUT
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SAYING. THAT’S NOT WHAT WE’RE HERE TODAY WE’RE HERE SAYING THAT UNTIL THAT HEAD OF THAT AGENCY HAS A CHANCE, A BRAND NEW AGENCY HAS A CHANCE, AFTER ALL, IT’S TAKEN A YEAR, TO COME AND SPEAK FORTHRIGHTLY TO ELECTED OKSES THAT ARE CALLED MEMBERS OF THE SENATE TO ANSWER QUESTIONS ABOUT HOW THEY WOULD RUN THIS AGENCY, WHAT THE PHILOSOPHY SHOULD BE, WHAT THE INTENT OF THE AGENCY IS, HOW THE INTERACTION BETWEEN OTHER AGENCIES REALLY SHOULD BE DONE, WHAT THEY THINK OF THE LAW AND WHAT THEY SEE THEIR JOB AS BEING, THOSE ARE IMPORTANT ISSUES AND SO REPUBLICANS ARE SAYING, WE SHOULD NOT MOVE FORWARD ON THAT UNTIL SUCH TIME AS WE ARE ABLE TO GO THROUGH THAT PROCESS. SO, THAT’S REALLY WHAT REPUBLICANS ARE HERE FOR AND I KNOW THERE ARE A LOT OF PEOPLE LISTENING AND WATCHING AND THINK THERE’S SOMETHING SINISTER ABOUT REPUBLICANS. THIS IS COMMON SENSE. REPUBLICANS ARE HERE TALKING ABOUT AN AGENCY THAT WILL HAVE BROAD AND ALMOST UNLIMITED ACCESS TO THE MARKETPLACE, TO OVERREGULATE IF YOU LOOK AT THE POSSIBILITIES AND WE’RE TRYING TO SAY, BEFORE WE KICK THIS THING OFF LET’S MAKE SURE WE HAVE AN IDEA OF WHAT THE LEADER WOULD SAY. OTHERWISE WE SHOULD GO TO A GROUP OF PEOPLE WHO WILL RUN THIS NOT JUST ONE. SO THAT’S WHAT WE’RE HERE TODAY. I RESERVE THE BALANCE OF MY TIME. THE GENTLEMAN RESERVES THE BALANCE OF HIS TIME. THE GENTLEWOMAN FROM NEW YORK. I WILL ONCE AGAIN YIELD A MINUTE TO MR. FRANK FROM MASSACHUSETTS. FIRST, MADAM SPEAKER, I WANT TO REASSURE THE GENTLEMAN FROM TEXAS I DON’T THINK YOU’RE SINISTER. I THINK HE IS OPPOSED TO EFFECTIVE CONSUMER PROTECTION. I THINK HE AND THE OTHER REPUBLICANS, AT LEAST SOME OF
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COMMITTEE THAT THE REGULATORS THEM BELIEVE THE CHAIRMAN OF THE SERVE THE BANKS. I DO THINK THEY WERE OPPOSED TO IT LAST YEAR AND APPRECIATE HIS HONESTY, HIS APPROACH TOWARDS OPENNESS WHEN HE SAID, PER HAPS THEY’RE AGAINST IT. PERHAPS, SHMERHASPS, THEY’RE AGAINST IT.
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GOOD IDEA TO WEAK CONTINUE. THEY UNDERSTAND THERE WOULD BE A BUT LET ME RESPOND TO HIS POINT ABOUT ABOUT CONFIRMATION. IT’S BOGUS, MADAM SPEAKER. HE SAYS, WE’RE JUST TRYING TO HOLD THIS UP UNTIL THERE’S A CONFIRMATION. BUT 44 REPUBLICAN SENATORS, 44 REPUBLICAN SENATORS HAVE ANNOUNCED THAT THEY WILL NOT ALLOW ANY CONFIRMATION TO GO FORWARD. THEY WILL FILIBUSTER IT AND THEY HAVE MORE THAN THE 40 THEY NEED TO DO THAT, UNTIL THE AGENCY IS WEAKENED. THEY HAVE SAID THEY WILL NOT ALLOW IT TO GO FORWARD UNTIL WE ALLOW THE BANK REGULATORS, WHO REPUBLICANS THINK ARE THERE TO SERVE THE BANKS, CAN OVERRULE THIS. SO THE GENTLEMAN — AND THEY WEREN’T JUST SAYING THAT ABOUT ELIZABETH WARREN. 44 REPUBLICAN SENATORS CONTRADICTED THE GENTLEMAN FROM TEXAS, THEY SAID, HE TALKED ABOUT THIS WONDERFUL CONFIRMATION PROCESS. IT CAN’T HAPPEN BECAUSE 44 REPUBLICANS HAVE SAID, UNTIL WE GIVE IN AND WEAKEN THE AGENCY, THEY WON’T CONFIRM ANYBODY. THE GENTLEMAN’S TIME HAS EXPIRED. THE GENTLEMAN FROM TEXAS. THANK YOU, MADAM SPEAKER. YOU KNOW, I APPRECIATE THE GENTLEMAN’S PERSPECTIVE OF LOOKING INTO MY BRAIN AND KNOWING WHAT I THINK OR TALKING ABOUT HOW 44 SENATORS OVERRIDE WHAT I’M SAYING, I WOULD TEND TO OFFER THE ARGUMENT THAT AS WE NEAR NOW THE AUGUST RECESS THEY HAD EVERY UNDERSTANDING THAT THE PRESIDENT, WITHOUT THIS PERSON GOING THROUGH HEARINGS, HAVING TO COME TO CONGRESS, TO THE SENATE, TO TALK ABOUT AND GO THROUGH THESE HEARINGS, THAT THE PRESIDENT WOULD JUST OFFER A RECESS APPOINTMENT AND IN OTHER WORDS BYPASSING EXACTLY WHAT WE’RE TALKING ABOUT SHOULD HAPPEN AND THAT IS WHERE THIS BRAND NEW NOMINATED PERSON AFTER A YEAR, WAITING UNTIL JUST A FEW WEEKS BEFORE THE AUGUST RECESS, THEY WOULD JUST — WILL THE GENTLEMAN YIELD? I’LL LET THE GENTLEMAN HAVE HIS OWN TIME. I GOT MY TIME, YOU CAN GET YOURS.
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YOU HAVE PLENTY OF TIME. AND, MADAM SPEAKER, WHAT WE’RE SAYING IS, WE’RE NOT GOING TO ALLOW IN THE SENATE THE 44 SENATORS SAYING THEY’RE NOT GOING TO ALLOW A RECESS APPOINTMENT WHERE THIS PERSON IS APPOINTED, NOMINATED AND JUST GETS IT DONE BECAUSE THE SENATE IS GONE. WE’RE NOT GOING TO ALLOW HIM TO SKIP OUT OF COMING AND HAVING TO BE THOUGHTFUL AND TALKING ABOUT WHAT HE’S GOING TO DO AS THE HEAD OF THIS CFPB. SO, TO SAY THAT 44 SENATORS REALLY ARE TRYING TO DO THE WRONG THING OR THAT I’M HERE TRYING TO SUGGEST SOMETHING DIFFERENT IS NOT TRUE. WE BELIEVE THAT THIS NEW AGENCY MUST HAVE THE PERSON THAT’S GOING TO HEAD IT TO COME TO CONGRESS, BE FOR THE RIGHT AND OPEN TO HEARING QUESTIONS — BE FORTH RIGHT AND OPEN TO HEARING QUESTIONS AND ANSWERING BACK. I THINK THAT’S OPEN, HONEST, TRANSPARENT AND LEGITIMATE. IF THE PRESIDENT WAITED A YEAR HE SHOULD EXPECT THAT WE WOULD PROBABLY HAVE AN OPINION THAT WE WOULD NOT WANT A RECESS APPOINTMENT. I RESERVE MY TIME. THE GENTLEMAN RESERVES THE BALANCE OF HIS TIME. THE GENTLEWOMAN FROM NEW YORK. MADAM SPEAKER, I’M PLEASED TO YIELD TWO MINUTES
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. TO THE GENTLEMAN FROM NEW JERSEY THE GENTLEMAN FROM NEW JERSEY IS
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I ASK UNANIMOUS RECOGNIZED FOR TWO MINUTES. CONSENT TO REVISE AND EXTEND MY REMARKS. WITHOUT OBJECTION. THANK YOU, MADAM SPEAKER.
1634
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FOR YIELDING. I THANK MY FRIEND FROM NEW YORK TOMORROW WILL BE YET ANOTHER FRIDAY WITHOUT A PAYCHECK FOR 15 MILLION AMERICANS. AND THIS IS THE 198TH DAY OF THE REPUBLICAN MAJORITY, IT’S THE 198TH DAY THAT THEY’VE BROUGHT NO LEGISLATION TO THE FLOOR TO ADDRESS THE JOBS CRISIS AND CREATE JOBS FOR THE AMERICAN PEOPLE. NOW, MOST OF THOSE 198 DAYS THEY’VE IGNORED THE PROBLEM. TODAY’S BILL IS A CURIOUS APPROACH TO THE PROBLEM THAT I THINK MAKES IT WORSE. AMERICANS PAINFULLY REMEMBER WHAT HAPPENED IN THE FALL OF 2008 WHEN THE BIG BANKS STARTED TO GO UNDER AND SLIP UNDER. PEOPLE’S 401-K ACCOUNTS MELTED, PEOPLE’S HOME EQUITY DISAPPEARED AND TO THIS DAY, TO THIS DAY MOST AMERICANS’ HOMES AREN’T WORTH NEARLY WHAT THEY WERE WORTH IN THE FALL OF 2008. FORECLOSURES WENT UP, JOBS WENT DOWN, PEOPLE’S HOPES WENT OUT THE WINDOW. THE PREDICATE OF TODAY’S BILL IS THE REASON THAT ALL HAPPENED IS THERE WEREN’T ENOUGH REGULATORS WATCHING THE BANKS OR EXCUSE ME, THE PREDICATE OF TODAY’S BILL IS THAT THERE WERE TOO MANY REGULATORS WATCHING THE BANKS. I HAD IT BACKWARDS BECAUSE IT’S SO OBVIOUS. YOU UNDERSTAND THAT TODAY’S BILL STARTS FROM THE PRESUMPTION THAT THE PROBLEM HERE IS THAT THERE WERE TOO MANY PEOPLE WATCHING WHAT THE BANKS DID TO MAKE SURE THEY DID THE RIGHT THING BY THE COUNTRY.
1680
00:51:22,000 –>00:51:21,999
I THINK EXACTLY THE OPPOSITE WAS TRUE. I THINK THE FACT THAT THESE BANKS COULD TAKE MONEY INSURED BY THE TAXPAYERS UNDER THE F.D. — FDIC AND GAMBLE IT ON CREDIT DEFAULT SWAPS WAS WRONG. I THINK THE FACT THAT THEY COULD SELL JUNK BONDS MASSACRE AIDING AS — MASQUERADING AS VALID MORTGAGES WAS WRONG, I THINK THE FACT THAT THEY CHARGED EXER TO THE — EXTORTIONIST CREDIT CARD BILLS WAS WRONG. AND THE PROBLEM WAS NOT THAT THEIR HANDS WERE TOO TIED. THE PROBLEM WAS THAT THEY WERE BEING IGNORED BY THE REGULATORS. I YIELD THE GENTLEMAN ANOTHER MINUTE. THE GENTLEMAN IS RECOGNIZED FOR AN ADDITIONAL ONE MINUTE. I APPRECIATE THE GENTLEMAN — THE GENTLELADY. I WOULD SAY TO YOU THAT AFTER 198 DAYS OF ESSENTIALLY NOTHING ON JOBS, THEY NOW BRING TO THE FLOOR A BILL THAT SAYS, LET’S FIX THE JOBS PROBLEM BY HAVING FEWER REGULATORS WATCH THE BIG BANKS. THERE ARE VERY FEW PEOPLE IN
1713
00:52:21,000 –>00:52:20,999
AMERICA WHO THINK THE PROBLEM IS THE BANKS DIDN’T HAVE ENOUGH REGULATORS. UNFORTUNATELY ALMOST ALL OF THEM ARE IN THIS CHAMBER ON THE
1718
00:52:26,000 –>00:52:25,999
I YIELD TO MY FRIEND. REPUBLICAN SIDE OF THE AISLE. MY FRIEND SUN FAIR TO REPUBLICANS BECAUSE THEY DO CREATE MORE JOBS IN THIS BILL. THE C.B.O. SAYS THIS BILL WILL COST $71 MILLION BECAUSE IT SAYS A SINGLE ADMINISTRATOR, THEY WANT TO CREATE FOUR MORE BUREAUCRATS WITH MORE STAFF. SO C.B.O. SAYS THIS WILL COST $71 MILLION. SO IN FACT THERE ARE SOME JOBS THEY’RE GOING TO CREATE, THEY’LL BE FOR BUREAUCRATS THAT CAN DILUTE THE ACTIVITY THE OF THE CONSUMER POOL. I WOULD CORRECT THE RECORD AND SAY THE REPUBLICANS HAVE CREATED FOUR JOBS, FOR MILES AN HOUR MORE BUREAUCRATS WHO WILL IGNORE THE BANKS
1740
00:53:01,000 –>00:53:00,999
PEOPLE. PREDICATING ON THE AMERICAN I YIELD BACK. THE GENTLEMAN YIELDS BACK THE
1745
00:53:06,000 –>00:53:05,999
BALANCE OF HIS TIME. THE GENTLEWOMAN RESERVES.
1747
00:53:08,000 –>00:53:07,999
RECOGNIZED. THE GENTLEMAN FROM TEXAS IS THANK YOU, MR. SPEAKER. MR. SPEAKER, AT THIS TIME I’D LIKE TO YIELD TO — FIVE MINUTES TO THE GENTLEMAN, THE CHAIRMAN OF THE FINANCIAL SERVICES COMMITTEE, THE GENTLEMAN FROM
1756
00:53:19,000 –>00:53:18,999
. ALABAMA, MR. BACHUS. THE GENTLEMAN FROM ALABAMA IS RECOGNIZED FOR FIVE MINUTES. I HAVE BEEN LISTENING TO THE DEBATE ON THE FLOOR AND ALTHOUGH THIS WAS CONCERNING THE RULE, THERE HAVE BEEN A LOT OF FALSE CLAIMS LODGED AGAINST WHAT THIS LEGISLATION DOES. IT DOES NOT GUT THE CONSUMER FINANCIAL PROTECTION BUREAU. IT IS NOT ANTI-CONSUMER. IT IS NOT AN ATTEMPT TO REPEAL DODD-FRANK. IT DOES THREE SIMPLE THINGS, ANDUAL THREE OF THOSE THINGS, MR. SPEAKER — AND ALL THREE OF THOSE THINGS, MR. SPEAKER, THE DEMOCRATS WERE FOR BEFORE THEY WERE ANSWER. THESE ARE ALL PROPOSALS THAT THEY HAVE MADE. WE ALL KNOW WHO THE PERSON THAT FIRST PROPOSED THE CONSUMER FINANCIAL PROTECTION BUREAU IS. I THINK ALL THE MEMBERS OF THIS BODY WOULD SAY WAS ELIZABETH WARREN. WHAT DID SHE PROPOSE? SHE PROS POSED A BIPARTISAN COMMISSION. — PROPOSED A BIPARTISAN COMMISSION. SHE DID NOT PROPOSE THE END RESULT OF DODD-FRANK WHICH WAS AN UNACCOUNTABLE CZAR. INSTEAD OF CREATING A FIVE-MEMBER BOARD AS IS DONE FOR ALMOST EVERY OTHER AGENCY, THE ONE EXCEPTION BEING THE E.P.A., AND THE O.C.C. BOTH OF THOSE, THE O.C.C. IS ACCOUNTABLE TO CONGRESS BECAUSE IT IS PART OF THE TREASURY DEPARTMENT. IT IS SUBJECT TO O.M.B.
1805
00:55:05,000 –>00:55:04,999
APPOINTMENT. THE E.P.A. IS A PRESIDENTIAL A CABINET MEMBER. HE HAS TO BE CONFIRMED. BUT NOT ONLY THAT, HE HAS TO COME TO THE CONGRESS FOR APPROPRIATIONS. THERE IS NO ACCOUNTABILITY ON THE PART OF THIS BODY. NOW, I WOULD YIELD TO THE GENTLEMAN, I’LL YIELD HIM 10 SECONDS JUST TO ANSWER THIS QUESTION, HE’S GOT TO HIS FEET. WAS THE BIPARTISAN COMMISSION PROPOSED BY ELIZABETH WARREN? NUMBER ONE. THEN YOU CAN RESPOND TO — ASK ME A QUESTION. DID YOU PROPOSE OR DID SHE PROPOSE A BIPARTISAN COMMISSION? AND NUMBER TWO, IS THAT WHAT YOU INTRODUCED INTO THE HOUSE SAYING THAT WAS THE FAIREST APPROACH?
1830
00:55:49,000 –>00:55:48,999
IF THE GENTLEMAN WOULD YIELD. FIRST I WOULD SAY THE CONTROL OF THE CURRENCY IS IN THE TREASURY FOR ADMINISTRATIVE PURPOSES IS LEGALLY INDEPENDENT. THE SECRETARY OF THE TREASURY HAS NO RIGHT TO INTERFERE. AND THE CONTROL OF THE CURRENCY
1840
00:56:02,000 –>00:56:01,999
APPROPRIATION. IS NOT SUBJECT TO SO THE CONTROL OF THE CURRENCY IS EVEN MORE INDEPENDENT — MR. BAUCUS — THAT DOESN’T SOUND LIKE A YES OR NO. I MADE A STATEMENT ABOUT THE CONTROL OF THE CURRENCY I THOUGHT WAS INACCURATE. AS TO ELIZABETH WARREN, YES. THAT’S WHAT SHE ORIGINALLY PROPOSED AND I DECIDED AND OTHERS ON OUR SIDE DECIDED THIS WOULD BE MORE EFFECTIVE. WE THOUGHT AFTER LISTENING THAT THE FIVE-MEMBER COMMISSION WOULDN’T WORK AS WELL, PARTICULARLY WITH THE SENATE REFUSING TO CONFIRM. THAT’S RIGHT. WE LISTENED — WHAT THE GENTLEMAN SAID IS YES.
1865
00:56:42,000 –>00:56:41,999
PROPOSED. THAT’S WHAT ELIZABETH WAR ROAN AND THEN HE SAYS, YES, THAT’S WHAT I INTRODUCED. BUT THEN HE SAID, BUT I DECIDED AT SOME POINT THAT WE WOULD RATHER HAVE AN UNACCOUNTABLE CZAR. BECAUSE WE — WOULD THE GENTLEMAN YIELD? THE SECOND THING — POINT THE ORDER, MR. SPEAKER. POINT OF ORDER, MR. SPEAKER. THE
1881
00:57:04,000 –>00:57:03,999
GENTLEMAN FROM ALABAMA SUSPENDS. STATE YOUR POINT OF ORDER THE GENTLEMAN FROM MASSACHUSETTS. THE GENTLEMAN JUST SIMPLY MISSTATED PLAINLY WHAT I SAID.
1888
00:57:15,000 –>00:57:14,999
ACCOUNTABLE CZAR. SAID I WANT A SINGLE HE WAS NOT QUOTING ME. WILL
1892
00:57:21,000 –>00:57:20,999
OF ORDER. THE GENTLEMAN STATE HIS POINT THE GENTLEMAN MISSTATED MY WORDS CLEARLY AND I BELIEVE THEY SHOULD BE TAKEN DOWN. HE SAID A SINGLE DIRECTOR WHICH DOESN’T HAVE TO COME TO CONGRESS FOR AN APPROPRIATION. AND THE SECOND THING WE DID IS WE HAVE AN APPEAL PROCESS OR REVIEW PROCESS. NOW, WHAT THE — IF I COULD HAVE THE SECOND SLIDE. WHAT WE HAVE ASKED FOR IS WHAT YOU SAID YOU GAVE US. BUT YOU CREATED THIS LEGISLATION, I WON’T SAY WHO, CREATED A SHAM REVIEW PROCESS. A SHAM REVIEW PROCESS. WE WANT A REALISTIC REVIEW PROCESS. WE DON’T THINK ANYONE, WE DON’T THINK ANY SINGLE PERSON OUGHT TO BE ABLE TO DICTATE A RULE WITHOUT ANY ACCOUNTABILITY. SO OUR THIRD SLIDE, OR THIRD — WHAT DO WE DO? WHAT HAVE YOU — WHAT IS SET UP IN DODD-FRANK? WHAT IS SET UP IS SEVEN OUT OF THE 10 REGULATORS HAVE TO DETERMINE THAT ANY ONE RULE WILL ENDANGER THE ENTIRE FINANCIAL SYSTEM. IN OTHER WORDS, ONE RULE, PRESIDENT OBAMA’S APPOINTEES, IT TAKES SEVEN OF THE 10 TO SAY THAT IT WOULD BRING DOWN THE ENTIRE FINANCIAL SYSTEM. WELL, HOW WOULD ONE RULE EVER DO THAT? WHAT WE SAY IS IT ENDANGERS THE SAFETY AND SOUNDNESS OF OUR FINANCIAL INSTITUTION. AND THAT’S — THE GENTLEMAN’S TIME HAS EXPIRED. THAT’S ALL WE DO. THE
1943
00:59:11,000 –>00:59:10,999
GENTLEMAN’S TIME HAS EXPIRED. THE GENTLEMAN FROM TEXAS RESERVES. THE GENTLEMAN FROM COLORADO IS RECOGNIZED.
1948
00:59:17,000 –>00:59:16,999
I WOULD LIKE TO INQUIRE HOW MANY SPEAKERS
1950
00:59:19,000 –>00:59:18,999
REMAIN ON THE GENTLEMAN FROM TEXAS’ SIDE?
1952
00:59:21,000 –>00:59:20,999
I APPRECIATE THE QUESTION. WE ARE THROUGH WITH OUR SPEAKERS AND WOULD ENCOURAGE
1956
00:59:26,000 –>00:59:25,999
SIDE. THE GENTLEMAN TO FINISH HIS AND THEN WE’LL CLOSE. HOW MUCH TIME REMAINS? THE GENTLEWOMAN FROM NEW YORK HAS TWO MINUTES LEFT. I THANK YOU VERY MUCH. I SHALL USE THAT TO CLOSE. MY COLLEAGUE I UNDERSTAND HAS NO MORE SPEAKERS. MR. SPEAKER, THIS RULE AND THIS BILL WILL DO NOTHING BUT GET IN THE WAY OF THE IMPORTANT WORK OF AN AGENCY DESIGNED TO HELP CONSUMERS BEING TAKEN ADVANTAGE OF BY INSCRUPULOUS LENDERS. THE CONSUMER FINANCIAL PROTECTION BUREAU IS NOT EVEN UP AND RUNNING YET. THERE IS NO REASON TO THINK IT WON’T WORK EXACTLY AS INTENDED. AND IS THAT WHAT THE MAJORITY IS AFRAID OF? ARE THEY AFRAID THAT CFPB WILL MAKE PRICES CLEAR? THAT THEY’LL MAKE TERMS AND CONDITIONS CLEAR? THAT THEE WILL ENSURE THAT MORTGAGE DISCLOSURES ARE SHORT, RELEVANT, AND UNDERSTANDABLE BY THE CONSUMER AND LENDER? WERE THEY WORRIED ABOUT LETTING CONSUMERS SHOP FOR THE BEST PRODUCT AT THE LOWEST PRICE? TO HELP CONSUMERS UNDERSTAND THE TRUE COST OF A FINANCIAL TRANSACTION? THAT A COP ON THE BEAT WILL MAKE SURE THE LARGEST FINANCIAL INSTITUTIONS IN THIS COUNTRY ARE FOLLOWING THE LAW? IF THAT’S WHAT THEY ARE AFRAID OF, THEN WE DON’T WANT TO JOIN THEM, MR. SPEAKER. I URGE MY COLLEAGUES TO VOTE NO ON THE RULE. NO ON THE UNDERLYING BILL. SO THAT CONSUMER FINANCIAL PROTECTION BUREAU CAN DO ITS JOB WITHOUT CONGRESS GETTING IN THE WAY AND I YIELD BACK THE BALANCE OF MY TIME. THE
2012
01:00:56,000 –>01:00:55,999
GENTLEWOMAN FROM NEW YORK YIELDS BACK HER TIME. THE GENTLEMAN FROM TEXAS IS RECOGNIZED.
2016
01:01:00,000 –>01:00:59,999
I THANK YOU, MR. SPEAKER. CONGRESS HAS AN OPPORTUNITY

2 comments on “House Session 2011-07-21 (13:06:50-14:07:54)”

  1. heart79605 says:

    Dam they are not listening I would totaly have them for contempt of court

  2. Nabi Jawad says:

    In need for foots?

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