Press Releases

 

 

Contact: 

Staci Cox

(202) 225- 4572

 

 

Washington, DC – Today Congresswoman Gwen Moore (WI-4) opposed H.R. 3193, the so-called Consumer Financial Protection and Soundness Improvement Act. 

 

“Despite the euphemistic name, this Republican legislation is really about the ability of Wall Street to oversee the Consumer Financial Protection Bureau (CFPB),” said Rep. Moore. “The bill aims to paralyze and eventually defund the agency.”

 

The mission of the CFPB is to protect American consumers and inspire trust in our markets. The CFPB educates consumers, supervises various financial entities and analyzes financial markets to better protect consumers.

 

“H.R. 3193 seeks to eliminate ‘consumer’ from the CFPB’s name and, quite possibly, their mission as well. Under the GOP bill, the newly established ‘Financial Product Safety Commission’ would be a shadow of the Consumer Financial Protection Bureau. In our post-recession economy, families continue to struggle to make ends meet. Americans need jobs, not legislation putting their financial security back in the hands of Wall Street scammers. The CFPB has already refunded $3 billion to 9.7 million victims of unfair, deceptive and abusive practices in financial markets. H.R. 3193 would make it more difficult to assist these victims. 

 

“Today I introduced a straight forward amendment to acknowledge the tremendous work done by the Consumer Financial Protection Bureau. Unfortunately, not all of my colleagues agreed on the importance of protecting consumers. They chose, instead, to protect Wall Street interests. 

 

“When it comes to safeguarding the livelihood of our constituents, large financial institutions should not have a vote. I am very disappointed that my Republican colleagues chose to overpower the voice of Main Street with the voice of Wall Street.” 

 

 

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