[Congressional Record Volume 156, Number 101 (Thursday, July 1, 2010)]
[Extensions of Remarks]
[Pages E1270-E1271]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




   CONFERENCE REPORT ON H.R. 4173, DODD-FRANK WALL STREET REFORM AND 
                        CONSUMER PROTECTION ACT

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                               speech of

                            HON. TODD TIAHRT

                               of kansas

                    in the house of representatives

                        Wednesday, June 30, 2010

  Mr. TIAHRT. Mr. Speaker, on June 30, 2009, the Obama Administration 
released details of its proposal to establish a Consumer Financial 
Protection Agency. It proposed an independent agency housed within the 
executive branch to regulate the provision of financial products and 
services to consumers. Now, one year later, this proposal has morphed 
into

[[Page E1271]]

a 2,300 page bill that further extends the federal government's grasp 
on more aspects of our economy.
  I voted against this bill on December 11, 2009 but despite my 
opposition, H.R. 4173 passed the House of Representatives on a straight 
party line vote--with not one Republican voting in favor of the 
legislation. On June 30, H.R. 4173 came back from the House-Senate 
Conference Committee, which ironed out the differences between the two 
bills. Again, I opposed this legislation. Despite my opposition, the 
bill ultimately passed by a margin of 237-192. The legislation now 
awaits further action in the Senate.
  This is the wrong bill at the wrong time that punishes the wrong 
people. In the midst of continuing economic turmoil, this bill 
increases the size of government, expands its reach in the market 
place, jeopardizes the safety and soundness of many of America's 
financial companies and non-financial companies, and significantly 
increases the cost of credit for all consumers at a time when consumers 
can least afford it. This legislation overreaches and will affect 
companies and community banks that had nothing to do with the financial 
crisis.
  These reforms will continue to perpetuate the bailout mentality that 
has plagued our nation and eliminate access to credit for many small 
businesses and families at a time when they need it most.
  The conference report will abolish the Office of Thrift Supervision 
(OTS). The transfer of its powers and duties will have to be done 
within one year after the conference report's enactment. The conference 
report will transfer to the FDIC the authority to regulate all state 
savings associations. The OCC, which would be a bureau within the 
Treasury Department, would regulate all federal savings associations. 
The conference report also preserves the thrift charter.
  The conference report also requires the Federal Reserve to ensure the 
fees charged to merchants by credit card companies for credit or debit 
card transactions are reasonable and proportional to the cost of the 
processing those transactions. The consequences of government 
artificially imposing its heavy hand into private transaction will 
further slow our economy. We can't even get a federal budget passed, so 
what justification does the government have to determine transaction 
fees.
  As one of my colleagues pointed out, economists don't often see eye 
to eye, but they seem to agree that if one side of the market has its 
costs artificially lowered, the other side of the market will see 
increased costs. This means that, in this battle between retailers and 
banks, debit card holders and account holders will likely foot the 
bill.
  Creating more regulatory burdens and a new government agency full of 
unelected bureaucrats to pick the winners and losers in the private-
sector is not the answer. This will only serve to crush more jobs and 
paralyze our economic growth even more. Kansans have had it with the 
only solution the administration continues to offer: more government.
  I am in strong opposition to H.R. 4173. I worry about its impact on 
our economic freedom and will work to repeal these harmful policies.

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