STATEMENT OF REPRESENTATIVE STEVE DRIEHAUS ON COMMITTEE PASSAGE OF THE CONSUMER FINANCIAL PROTECTION AGENCY ACT
WASHINGTON, DC—Representative Steve Driehaus today issued the following statement after the House Committee on Financial Services approved the Consumer Financial Protection Agency Act.
“The committee’s action today is an important step forward in ensuring that Americans have the protection they need when it comes to purchasing a home. For years it’s been said that consumers have a stronger safety net when they buy a toaster than when they buy a house, but until now Congress has stood by while millions of American homeowners have fallen victim to this broken system. The Consumer Financial Protection Agency Act will help put an end to the risky transactions, predatory lending, and deceptive practices that dragged down the housing market and led to the worst recession in generations. This legislation gets at the structural failures that allowed this downturn to occur and will put in place sensible solutions to prevent this crisis from happening again.
This bill is a vital part of our work to put America’s economy on the path toward recovery and growth, and I look forward to working with my colleagues as this legislation moves forward in the House.”
