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Statement of Melissa Cubria, TexPIRG, On Passage of HR 1315 to Weaken Consumer Financial Protection Bureau
“Today, on the very day that the new Consumer Financial Protection Bureau took over as the nation’s first consumer cop on the beat to protect Americans from deceptive and unfair practices of the financial services industry, the U.S. House of Representatives voted to cripple it.
Make no mistake: Members who supported HR 1315, the so-called Consumer Financial Protection Safety and Soundness Improvement Act, voted to protect Wall Street banks from oversight at the expense of their own constituents; ordinary consumers.
According to a new poll released this week, those ordinary consumers, still reeling from a financial meltdown caused in large part by Wall Street greed, overwhelmingly support the new consumer watchdog. Delaying enforcement of consumer protections and gutting the new agency’s powers will only make things worse.”
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