House Minority Leader Nancy Pelosi today met with Elizabeth Warren to discuss the Consumer Financial Protection Bureau that Warren helped build.
Tomorrow, July 21, marks the one-year anniversary of the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
And while they went around and congratulated each other about achieving the milestone, they were also cautious of legislation that will be brought to the House floor tomorrow that will significantly reduce the Consumer Financial Protection Bureau's powers.
Tomorrow's legislation, H.R. 1315, 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.
I'm grateful to you for getting us here, but it is ironic that tomorrow there is another fight to try and kill this agency -- another fight to try to cut the legs out from underneath it before it's able to help American families, before it's able to make those credit markets to work not just for the largest financial institutions, not just for those who can hire an army of lawyers, but for families.