May 12, 2011

CARSON: REPUBLICANS WANT TO DISMANTLE WALL STREET REFORM
Several bills under consideration will weaken consumer protections

WASHINGTON, D.C. – Republicans on the House Financial Services Committee today chose Wall Street's recklessness of the past over protecting American consumers now and in the future, said Congressman André Carson.

Several pieces of legislation currently being considered by the committee are set to undercut the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was signed into law in July of 2010. This law addresses the countless causes – from predatory lending to unregulated derivatives – that led to the financial meltdown.

A key component of the law is the creation of the Consumer Financial Protection Bureau (CFPB), a new independent bureau that will provide clear and accurate information to families and small businesses to ensure that bank loans, mortgages, and credit cards are fair and affordable.

"It's astounding how quickly Republicans forget," said Congressman Carson. "It was irresponsible Wall Street risk taking and a lack of oversight that nearly destroyed our economy. Yet these proposed changes revisit that recklessness."

"Gutting the Consumer Financial Protection Bureau before it has gotten off the ground is too dangerous. Too many American families have paid the price for past mistakes, and they deserve the protection that the Consumer Financial Protection Bureau provides."

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