AFR Statement on House Passage of H.R. 1315

Washington, DC – Americans for Financial Reform, a coalition of more than 250 national and state organizations working together for strong Wall Street reform, issued the following statement today:

Lisa Donner, executive director of Americans for Financial Reform:

“Two years ago at this time we were in the midst of a major battle about whether and to what extend Congress would stand up to Wall Street and financial industry special interests and change the failed program of deregulation that led to the financial crisis. One year ago we applauded the progress made with the passage of the Dodd Frank Wall Street Reform and Consumer Protection Act. Today we are celebrating the new Consumer Protection Bureau officially opening its doors – so that for the first time there is a cop on the beat ensuring fair play for consumers in the financial marketplace.

But the battle for accountability and transparency is anything but over. Today the House has passed H.R. 1315 the ‘Consumer Financial Protection Safety and Soundness Improvement Act’ – a bill title that would make George Orwell blush. In fact, HR 1315 would cut the CFPB off at the knees, and make it impossible for it to do the job we need it to: standing up for Main Street, even when Wall Street doesn’t want it to.

Earlier this week, we released a poll with AARP and the Center for Responsible Lending that demonstrates widespread support for the CFPB and Wall Street reform. By a 3 to 1 margin Americans want financial firms held accountable and financial reforms to take effect. And they want the CFPB—created by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010—to be up and running. By overwhelming margins and across the political spectrum they want the CFPB to make credit offers clearer, they want rules the road for all kinds of financial companies, and they want an end to tricks and traps (see our report ‘10 Reasons We Need the CFPB Now’).

The lasting effects of the financial crisis are still being felt from coast to coast. Voters do not buy Wall Street’s arguments against reform, and they do want effective cops on the beat policing the financial marketplace.”

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Tagged with: CFPB, Implementation, Wall Street Lobbying