Maloney Helps Pass Consumers First Act
WASHINGTON, DC – Congresswoman Carolyn B. Maloney (D-NY), senior member of the House Financial Services Committee and former member of the Dodd-Frank Conference Committee, yesterday spoke on the House floor in favor of and then voted with her colleagues to pass H.R. 1500, the Consumers First Act. The legislation will restore and protect the supervisory and enforcement powers of the Consumer Financial Protection Bureau (CFPB), created in the wake of the Great Recession by the Dodd-Frank Wall Street Reform and Consumer Protection Act, and return the nonpartisan agency to its essential role of protecting consumers in the financial marketplace.
“The CFPB was created because rampant consumer abuses caused the worst financial crisis since the Great Depression. And under Director Cordray’s historic tenure, the bureau resolved more than 1.3 million consumer complaints and secured over $12 billion for nearly 30 million consumers who were wronged by financial institutions. The bureau did exactly what we had created it to do — and then the Trump Administration stepped in.
“Putting Mick Mulvaney in charge of the CFPB was the epitome of a fox guarding the henhouse — so it’s critically important that we immediately undo all of the damage Mr. Mulvaney did while he was Acting Director of the CFPB – and that includes making the Consumers First Act law. I was proud to vote yes on this critically important bill to put consumers first.
“The Senate needs to take this bill up immediately and send it to the President’s desk.”