[Congressional Record (Bound Edition), Volume 156 (2010), Part 2]
[House]
[Page 2052]
[From the U.S. Government Publishing Office, www.gpo.gov]




                  CONSUMER FINANCIAL PROTECTION AGENCY

  (Ms. TSONGAS asked and was given permission to address the House for 
1 minute.)
  Ms. TSONGAS. Mr. Speaker, Americans have long demanded reliable 
consumer protections for goods and services.
  Much as snake oil cures, flammable children's sleepwear, and lead 
toys were once commonly found in the marketplace, predatory lending, 
hidden fees, and skyrocketing interest rates are shamefully common 
today, with little oversight on behalf of the consumer.
  This failure has had devastating consequences for our Nation, and was 
one of the principal drivers of the financial crisis that resulted in a 
deep depression.
  A strong, independent Consumer Financial Protection Agency would have 
the ability to rein in the worst practices of the big credit card 
companies, banks, and other large financial institutions, placing the 
consumer on a level playing field. It would also help responsible 
institutions like community banks and credit unions by requiring their 
competitors in the unregulated shadow banking world to play by the same 
consumer rules.
  I call on the Senate to follow the House's lead in including a strong 
consumer rights agency in financial reform.

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