Washington. D.C. -- Congresswoman Katherine Clark opposed H.R. 3193, the so-called Consumer Financial Protection Safety and Soundness Improvement Act. The Republican sponsored legislation would undermine key components of the Consumer Financial Protection Bureau (CFPB).

“Years with no accountability for Wall Street and Big Banks led to the Great Recession resulting in record unemployment and failing confidence in our economy,” said Clark. “Consumer protection has been one of the hallmarks of our country’s economic recovery. This reckless bill to undermine vital protections would place the responsibility for protecting consumers back in the hands of the same regulators who failed to protect us in 2007 and 2008.”

“Instead of working with Democrats to create jobs, give hardworking families a pay raise and restore long-term unemployment insurance for thousands of displaced workers in Massachusetts, the Majority has given priority to undermining consumer protections.

“I’m proud to stand with my Democratic colleagues in opposition to this dangerous and irresponsible bill.”

The CFPB is the only financial regulator focused exclusively on consumer protection. The CFPB resolution process has helped over 269,000 consumers through its website, as well as refunded more than $3 billion to nearly 10 million consumers and service members.