[Congressional Record Volume 171, Number 29 (Wednesday, February 12, 2025)]
[House]
[Page H650]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




           ATTACK ON THE CONSUMER FINANCIAL PROTECTION BUREAU

  The SPEAKER pro tempore. The Chair recognizes the gentlewoman from 
Massachusetts (Ms. Clark) for 5 minutes.
  Ms. CLARK of Massachusetts. Madam Speaker, I have been listening to 
my Republican colleagues, waiting for the moment when they are going to 
fight for the American people, the constituents they have that are not 
Elon Musk. So far, the silence is deafening.
  If they are not cheering it on, they are standing aside silently as 
cancer research labs are shut down, as the veterans administration is 
targeted, as the healthcare for millions of Americans is threatened, 
and eggs--oh, those eggs--have hit an all-time high of $8 a dozen. This 
silence is a betrayal of all Americans, of their very voters.
  Let's just take a closer look at one example. Now, they are letting 
Elon Musk dismantle the Consumer Financial Protection Bureau. Most 
people haven't heard of the CFPB, but Americans know the corporate 
greed that they have gone after on their behalf for more than a decade: 
the predatory loan sharks and the abusive debt collectors. When 
Republicans are silent, they are siding with the scam artists.
  Let me give you one example. Before the CFPB stepped in, a marine 
stationed in Texas who needs a loan to repair his truck would be 
charged the average payday interest rate in Texas. Do you know what 
that is? That is 664 percent. If he took out a $2,000 loan, he would 
pay $1,100 in interest.
  I do hope my Republican colleagues remember the days when they 
supported the rule of law. When the CFPB enforces the law that limits 
interest rates for U.S. servicemembers, they reduced that interest on 
that loan to $60.

                              {time}  1030

  Altogether, the CFPB put $360 million back into the pockets of our 
servicemembers and veterans. That is what they do. They save Americans 
money. They went after bogus overdraft fees. That is $5 billion back in 
the pockets of working families every year, over $200 per family. They 
banned outrageous late fees on credit cards. That is $10 billion every 
year going back to consumers.
  What is the problem with this agency? Apparently, Republicans in 
Congress would rather have that money go into the pockets of CEOs and 
spend that money cutting billionaires' taxes instead of fighting fraud 
and corporate abuse.
  The American people did not vote for more scams and more corporate 
greed. They didn't vote to have our servicemembers go into more debt. 
They voted for people to fight for them, for lower costs, and for their 
part in the American Dream.
  Let's wake up, GOP. Stand up for the American people.

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