[Congressional Record Volume 156, Number 83 (Friday, May 28, 2010)]
[House]
[Page H4088]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                  CONSUMER FINANCIAL PROTECTION AGENCY

  (Mr. HOLT asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. HOLT. Mr. Speaker, the 2008 economic meltdown had some roots in 
consumer finance. Financial lenders steered families into mortgages 
they could not afford to repay, steered them into subprime loans, then 
packaged those loans and sold them to investors in the securities 
market. Credit card companies used unfair and deceptive practices to 
exacerbate nearly $1 trillion in nationwide credit card debt.
  So it is important that we have a strong, independent Consumer 
Financial Protection Agency, such as we passed in the House last year. 
Putting this under or in another agency won't really protect the 
consumers.
  The new CFPA must have the independence both to write and enforce 
regulations that will truly protect American families from abuses. This 
is our chance to reform Wall Street and stand up for ordinary 
Americans. And this is our chance to get it right.
  I urge House leaders to insist on the stronger, more independent 
House-passed version of the Consumer Financial Protection Agency. Our 
constituents deserve no less.

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