AFR: Strong And Independent CFPA Central To Real Financial Reform

Senate and Administration Cannot Let Big Bank Lobbyists Win

By Stripping Out Or Watering Down CFPA

Americans for Financial Reform, a coalition of more than 200 national, state and local consumer, labor, investor, civil rights, community, small business and senior citizen organizations, released the following statement today on news reports that the Administration might support rolling the Consumer Financial Protection Agency (CFPA) into an existing agency:

Heather Booth, Executive Director of Americans for Financial Reform:

“For months, the Big Banks and their army of high priced lobbyists have been swarming Capitol Hill looking to either kill or weaken a cornerstone of real reform – a strong and independent CFPA. The Administration and the Senate must not allow the Big Banks to win this fight.  We also need serious reform to end the casino economy and crack down on too big to fail institutions where heads they win, tails we lose.

“The American public, who have suffered greatly because of the Big Banks took our economy over a cliff, deserve nothing less than a strong and independent advocate in our Federal Government. The Big Banks ran our economy into the ground; Congress cannot and must not give them the power to do so again.”

Ed Mizierwinski, Consumer Program Director, USPIRG:

“The CFPA must have independent authority, budget, staffing not subject to veto or approval by any prudential regulator or any other person or board.  It should not be placed in or made subordinate to another financial regulator.  They got us into this mess by failing to stand up for consumers and we can’t turn to them to clean up the mess.

“Americans for Financial Reform will continue to work to ensure that a strong and independent CFPA is included in any final legislation. We cannot continue with business as usual. Real reform must include a strong and independent CFPA.”