[Congressional Record (Bound Edition), Volume 157 (2011), Part 14]
[House]
[Page 19233]
[From the U.S. Government Publishing Office, www.gpo.gov]




                  CONSUMER FINANCIAL PROTECTION BUREAU

  (Mr. MILLER of North Carolina asked and was given permission to 
address the House for 1 minute.)
  Mr. MILLER of North Carolina. Wall Street may be in disrepute with 
most Americans, but their power here, their political power in 
Congress, is undiminished.
  Americans strongly support a consumer watchdog, the new Consumer 
Financial Protection Bureau, but the CFPB has become Republicans' new 
least favorite agency, which greatly pleases their friends on Wall 
Street.
  Months ago, Republicans in the other body announced that they would 
block the confirmation of the first Director of the new agency, whether 
the nominee was Elizabeth Warren or anyone else, unless Congress 
stripped the agency of its independence and of the powers to protect 
consumers from the abuses that were rampant in the last decade.
  In the next day or two, the other body will vote on the confirmation 
of Richard Cordray to head the CFPB. If the vote goes as expected, 
Republicans will abuse their constitutional confirmation powers to 
hobble the new agency. They don't want Elizabeth Warren. They don't 
want Richard Cordray. They don't want anyone because they don't want 
the agency, and they don't want the agency because they don't want to 
protect consumers.
  Republicans are willing to leave consumers vulnerable again to 
predatory lending practices. They're willing to leave the economy 
vulnerable again to another financial crisis to please their friends on 
Wall Street.

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