AFR Encouraged As the Consumer Financial Protection Agency Passes Next Challenge

DATE: October 30, 2009

AFR Encouraged As the Consumer Financial Protection Agency Passes Next Challenge

Efforts to Weaken the Agency Defeated

Washington, DC – Americans for Financial Reform released the following statement following on the passage of the Consumer Financial Protection Agency by a second House committee – House Energy and Commerce Committee:

Heather Booth, Director, Americans for Financial Reform: “With the strong approval of the House Energy and Commerce Committee today and the affirmative vote from the House Financial Services Committee last week, the Consumer Financial Protection Agency heads to the floor of the House of Representatives with momentum. Attempts to weaken this independent agency – which will go a long way toward protecting Americans’ wallets and preventing another economic catastrophe – were voted down, and the Federal Trade Commission now also has the ability to be another backstop against deceptive and abusive business practices.  The legislation still provides for states to raise standards above the federal floor where necessary, an important element for. Big banks do not always get their way and passing this second hurdle proves that.

Nancy Zirkin, Leadership Conference on Civil Rights, Americans for Financial Reform: “Americans for Financial Reform is encouraged that many members of Congress are serious about taking steps to turn back the decades of big banks’ systematic dismantling of financial protections which were put in place after the Great Depression. There is still work to be done on the bill and AFR will continue to push for a Consumer Financial Protection Agency that will work hard to ensure a fair economy for all Americans.”

Americans for Financial Reform is a coalition of nearly 200 national, state and local organizations ranging from financial experts to community groups working to restore fairness and stability to the financial system and rebuild our economy.