Consumer Protection
More on Consumer Protection
Congresswoman Waters (CA), Ranking Member on the Subcommittee on Capital Markets and Government Sponsored Enterprises, today led 15 of her colleagues in the House of Representatives, renewing her call for U.S. bank regulators to publicly release information regarding the steps that mortgage servicers are taking to prevent illegal foreclosure practices.
Opening Statement & Amendment Statements
Opening
Mr. Chairman, I am deeply, deeply opposed to H.R. 1315, which would decrease the threshold needed for the Financial Stability Oversight Council (FSOC) to override regulations issued by the Consumer Financial Protection Bureau (CFPB) from a 2/3 super-majority, to a simple majority, and would exclude the CFPB from voting.
Honestly, I have to ask if my Republican colleagues at all remember the utter failures of our banking regulators leading up to the 2008 financial crisis.
By Kevin Gosztola
A hearing titled, "Legislative Proposals to Address the Negative Consequences of the Dodd-Frank Whistleblower Provisions," was held today. Focused on proposed legislation from Rep. Michael Grimm (R-NY), the hearing looked at how to "improve" the Dodd-Frank Act by "preserving" the internal reporting mechanisms or processes that companies have setup for whistleblowers (e.g. hotlines).
Thank you, Mr. Chairman, for holding this hearing.
Under the Dodd-Frank Act, Congress recognized that robust whistleblower protection is critical to preventing another financial crisis.
Prior to Dodd-Frank, the inducements for whistleblowers to step forward were inadequate when balanced against the tremendous countervailing social and economic disincentives.
by Kate Shepherd
House Republicans on Wednesday took aim at a whistleblower provision of a recent bank reform law, part of a broader attempt to limit the impact of the legislation.
Rep. Michael Grimm, a New York Republican, introduced draft legislation at a House Committee on Financial Services subcommittee hearing Wednesday that would require employees to report fraud to their employers before they can receive a monetary reward for reporting it to Securities and Exchange Commission. Read earlier item on whistleblower provision.
by Zach Carter
A cadre of top Democrats said Wednesday that heavy Wall Street speculation was driving up gas prices and blasted Republicans for pushing a new bill to delay any crackdown on such speculation until the end of 2012.
Congresswoman Maxine Waters (D-Calif.), the Ranking Member of the Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises, delivered the following remarks at a press conference on HR 1573 today outside the U.S. Capitol:
"Thank you, Ranking Member Frank.
I'm pleased to join you and my other Democratic colleagues here today to, once again, stand up and speak out about the increasingly brazen attempts by the GOP to slowly but surely dismantle the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
"Thank you, Mr. Chairman.
By Marc H. Morial
What do American Express, Merck, Xerox, Darden Restaurants, and Citibank have in common?
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