Whip Clark Slams GOP Shutdown of the CFPB

WASHINGTON, D.C. — Democratic Whip Katherine Clark (MA-5) took to the House Floor to condemn Republicans for handing the U.S. government over to Elon Musk and allowing him to shut down the Consumer Financial Protection Bureau (CFPB). Below is a transcript of her remarks:

"I’ve been listening to my Republican colleagues, waiting for the moment
when they are going to fight for the American people — the constituents that
they have that are not Elon Musk. So far, the silence is deafening.

"If they're not cheering it on, they are standing aside silently as cancer
research labs are shut down, as the Veterans Administration is targeted, as the
health care for millions of Americans is threatened, and eggs — oh, those eggs
— have hit an all time high of $8 a dozen.

"This silence is a betrayal of all Americans — of their very voters. So
let's just take a closer look at one example. Now, they are letting Elon Musk
dismantle the Consumer Financial Protection Bureau.

“Most people haven’t heard of the CFPB. But Americans know the corporate greed
that they have gone after, on their behalf, for more than a decade. The
predatory loan sharks. The abusive debt collectors. When Republicans are
silent, you are siding with the scam artists.

"Let me give you one example. Before the CFPB stepped in, a Marine
stationed in Texas who needs a loan to repair his truck would be charged the
average payday interest rate in Texas. Do you know what that is? That is 664%.
So if he took out a $2,000 loan, he would pay $1,100 in interest. But when the
CFPB enforced the law — and I do hope my Republican [colleagues] remember the
days when they supported the rule of law — when the CFPB enforces the law that
limits interest rates for U.S. servicemembers, they reduce that interest on
that loan to $60.

"Altogether, the CFPB has put $360 million back into the pockets of
our servicemembers and veterans.

"That’s what they do: They save Americans money. They went after bogus
overdraft fees. That’s $5 billion back into the pockets of working families
every year — over $200 per family. They banned outrageous late fees on credit
cards. That’s $10 billion, every year, going back to consumers. What’s the
problem with this agency?

"Apparently, Republicans in Congress would rather have that money go into
the pockets of CEOs. Spending that money cutting billionaires’ taxes instead of
fighting fraud and corporate abuse.

"The American people did not vote for more scams. For more corporate
greed. They didn’t vote to have our servicemembers go into more debt. They
voted for people to fight for them. For lower costs. For their part in the
American Dream. So let's wake up, GOP. Stand up for the American people!"

To watch the full speech, click HERE.

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