Public Citizen deplores the shameful vote in the House of Representatives today to emasculate the new Consumer Financial Protection Bureau (CFPB). A House majority that votes against the interests of its own constituents who continue to suffer massive unemployment from the bank-caused recession has clearly lost its moral compass.
There’s only one constituency that favors gutting the CFPB – abusive bankers.
Unfortunately, the banking industry continues to funnel some of its profits into a lobby offensive to dismantle the new consumer agency so as to shield itself from the new cop on the beat enacted in the year-old Dodd-Frank law. And it paid off today.
We ask that the Senate accord this legislation no attention. We praise the president for already warning that he will veto any such bill.
Bartlett Naylor is the financial policy counsel for Public Citizen’s Congress Watch division.
Have you seen our new report on the financial industry lobby? What about a historical perspective on industry opposition to reform?