The fight for a strong and independent Consumer Financial Protection Bureau is NOT over.
Today, the House of Representatives will consider H.R. 1315 the “Consumer Financial Protection Safety and Soundness Improvement Act” – a bill title that would make George Orwell blush. If enacted, this bill would virtually guarantee that the Consumer Financial Protection Bureau (CFPB) would be a weak and timid agency without the will or authority to curb the kind of financial abuses that caused the nation’s worst financial crisis since the Great Depression.
Tell your representative that we need a strong, independent, and effective CFPB, and they should oppose H.R. 1315 and all efforts to weaken the CFPB.
As by now you have heard, President Obama has nominated Richard Cordray to lead the CFPB. We are disappointed that Professor Warren was not nominated, but as Professor Warren said in her statement “Rich has a proven track record of fighting for families…He will make a stellar director.” She added “I remain hopeful that those who want to cripple this consumer bureau will think again and remember that the financial crisis – and the recession and job losses that it sparked – began one lousy mortgage at a time.” We must make members of Congress think again.
Wall Street and the financial industry special interests are trying to gut the reforms we fought for and won in the new Wall Street Reform law. The CFPB is set to begin work today as the cop on the financial beat protecting American consumers and the economy from Wall Street greed. And sure enough, financial industry special interests are waging an all-out attack to stop it.
Contact your representative now!
Americans for Financial Reform