who are subject to direct cfpa examination. and after the manager's agreement reached this week, the ability of national banks and associations to operate under a uniform national standard of rules where appropriate is preserved. but functional regulators failed to prioritize consumer protection and protect our constituents. the chair: the gentlewoman's time has expired. mr. frank: i yield the gentlewoman an additional 30 seconds. ms. bean: thank you. the cfpa will create a framework reducing inefficiencies and bureaucracy across multiple agencies. they'll have the pex err -- expertise, resources and mission to update consumer financial protection laws and protect our constituents from abusive and unfair financial products and services. mr. minnick's amendment takes a different approach. what our consumers need is best in class protections for investors and americans deserve no less. i urge my colleagues to oppose the amendment and support this historic underlying legislation and the cfpa it creates. i yield back. the chair: th

who are subject to direct cfpa examination. and after the manager's agreement reached this week, the ability of national banks and associations to operate under a uniform national standard of rules where appropriate is preserved. but functional regulators failed to prioritize consumer protection and protect our constituents. the chair: the gentlewoman's time has expired. mr. frank: i yield the gentlewoman an additional 30 seconds. ms. bean: thank you. the cfpa will create a framework reducing inefficiencies and bureaucracy across multiple agencies. they'll have the pex err -- expertise, resources and mission to update consumer financial protection laws and protect our constituents from abusive and unfair financial products and services. mr. minnick's amendment takes a different approach. what our consumers need is best in class protections for investors and americans deserve no less. i urge my colleagues to oppose the amendment and support this historic underlying legislation and the cfpa it creates. i yield back. the chair: th

and both of us are still intent on the philosophy that automobile dealers ought to be exempt from cfpaagree on that. and so here we are and we thought it would be helpful to have this dialogue and with that i'll reserve the balance of my time. . the chair: the gentleman is recognized for five minutes. mr. campbell: thank you very much. i yield myself such time as i may consume. maybe i shouldn't have gone to that football game because they lost. so that was rather depressing. i don't know how the carolina panthers did. they lost, too. all right. both of us didn't have a particularly good weekend. as the gentleman from north carolina, mr. watt, described we have had discussions on this thing, but i -- he has been very helpful and worked very constructively on this. in fact the amendment that is the language that is in the bill now reflects a number of discussions that the gentleman from north carolina made which clarified some things that were, frankly, confusing and conflicting in the bill. i appreciate mr. watt's constructive work on this and all that he has done with this. yes, he's

this cfpa is a classic example of the government overstepping its authority into the free enterprise system simply to make government bigger and to further control the free enterprise system and free market. this massive new agency will be led by a credit czar, yet another czar who will have unprecedented, unchecked authority to restrict product choices for consumers, impose fees on consumer products, and rule over financial transactions. the new bureaucracy would raise costs for consumers, reduce the number and type of products available to them, increase the micromanagement of financial services firms, greatly increase the confusion caused by conflicting consumer laws, and to ensure the demise of american competitiveness around the world. in addition to the cfpa, this bill provides for the greatest federal expansion of the federal reserve since the central bank's creation almost 100 years ago. mr. speaker, americans pride themselves on the free enterprise system, the free market, and choices. yet congress once again today will pass legislation that increases government control and

. >> at pfc we believe this cfpa is a good idea. we think the ability of an agency to focus solely on consumer protection will make that agency more effective. the fact of the matter is the day of the regulators have a very difficult job and have to cover a lot of ground was trying to do a bad job. i don't think that all. i simply think when you are tried to cover a lot of ground can do as well as when you are focused on one sole area so we believe strongly that the cfpa is a beneficial events for the american consumer. >> mr. carey are there any comments you would like to make? i will even let you speak is a private individual. >> the best thing i can say is that clearly there is an opportunity to improve consumer protection and whether it is through the cfpa or whether it is true enhancing the authorities, senator you probably know it better than i do but clearly the stories you are describing here deserve attention and if that isn't being done by the regulatory agencies, then the questions hess to be asked as to why not. >> mr. c

the cfpa to conduct rule making. in regards to the underlying bill before us, i want to express my strong support. reforming our financial system is vitally important to creating a functional and sustainable system that american families and businesses can count on. last september when we were at the precipice of financial collapse, we promised the american people that we would enact just such comprehensive reforms. this bill lives up to that promise. passing it will reduce the see virt of future downturns or likelihood of subsequent bailout we experienced last year from happening again. there's much to be proud of. i want to emphasize thecies dough lution authority which removes any implicit government guarantee tore bailout. the chair: the gentlelady's time has expired. mr. frank: i yield 15 seconds. the chair: the gentlewoman is recognized for 15 secretaries. ms. bean:00 thank you, mr. chairman. this is the anti-bailout. when the fails you are fired. there will be consequences for your executives and shareholders.

>> at pfc we believe that the cfpa is a good idea. we think that the belly of an agency to focus solely on consumer protection will make that agency more effective. the fact of the matter is today that regulators have a very difficult job and have to cover a lot of ground. and i don't think that anybody in any of the regulatory agencies was trying to do a bad job. i don't think that at all. i simply think that when you're trying to cover a lot of ground, you can't do as well as when you are focused on one sole area. so we believe strongly that the cfpa is a beneficial event for the american consumer. >> mr. carey i will invite you any comment you would like to make i would invite you even as a private individual. >> i think the best thing i could say is clearly there is an opportunity to improve consumer protection. whether it is through the cfpa or whether it is enhancing the authorities. senator, you probably know that better than i do. but really what you're describing here, deserve attention. and if anything is done by the rigaton

one of the cfpa, consumer financial protection agency, one on the republican substitute, there'll be a recommit. we should be finishing this bill sometime early tomorrow afternoon. we'll come back in tomorrow and resume the debate and i wanted members to know that. i yield back the balance of my time. the chair: the gentleman yields back the balance of his time. the question is on the amendments en bloc offered by the gentleman from massachusetts. those in favor say aye. those opposed, no. in the opinion of the chair, the ayes have it. the amendments en bloc are agreed. to >> mr. chairman. the chair: the gentleman from massachusetts. mr. frank: i move the committee do now rise. the chair: the question son the motion that the committee rise. those in favor say aye. those opposed, no. the ayes have it. the motion is adopted. accordingly the committee rises. the speaker pro tempore: mr. chairman. the chair: the committee of the whole house on the state of the union, having had under consideration h.r. 4173, directs me to report that it has come to no resolution thereon. the speaker pro

ranking member barton worked closely with us on our proposal to create a commission to lead the cfpa and i finally want to thank chairman peterson for working with us to resolve the energy regulatory issues. i urge all my colleagues to support this legislation and i yield back the balance of my time. the chair: the gentleman yields back. the gentleman from texas is recognized. >> thank you, mr. speaker. i yield myself four minutes. the chair: the gentleman is recognized for four minutes. mr. barton: i ask unanimous consent to revise and extend my remarks. the chair: without objection. mr. barton: thank you, mr. speaker. first let me say that i rise in strong opposition to this bill. i did support marking it up at the energy and commerce committee to maintain jurisdiction over this agency and other agencies in our committee's jurisdiction. i did work with chairman waxman to make some perfecting changes to the bill that's before us. but having said that i think that it is a bad bill, it's an unnecessary bill and it's a bill that will have unintended quentses -- consequences of a negati

the cfpa will also protect families and small business from irresponsible lending practice bice ensuring the bank's loans and mortgages and credit cards are fair and easy to understand. finally the bill makes it clear that wall street will no longer be receiving any sort of taxpayer funded bailouts. the american people have pulled together and selflessly acted to help this great country. it's time for wall street to step up and do the same. thank you, i yield back the balance of my time. the speaker pro tempore: for what purpose does the gentleman from georgia rise? mr. gingrey: to address the house for one minute. the speaker pro tempore: without objection, the gentleman from georgia is recognized for one minute to address the house. mr. gingrey: mr. speaker, the democratic member from connecticut said it's prophetic that the government should be on our shoulders. unfortunately, the government is on our backs and it shouldn't be. and no better example of that is this massive health care reform bill, complete government takeover of health care, bureaucrats coming between doctors and pati

cfpa, the primary principle and the goal was to set up an agency focused on consumer protection withindependence from the provincial regulator. we have often seen overlap between safety and soundness and consumer protection. quite often, there is conflict. one example that -- that we are focusing on is overdraft fees. they are safe and sound for banks. they have been devastating for account holders, particularly low income account holders that are driven out of the financial system. one of the most disturbing developments is on the senate side. there is talk about going back to where we all started. we're branching the labels and putting cfta possibly back into the agency with a provincial regulator. that would be a major step backwards in our view. >> do you want to comment about that? >> we looked at this. we recognize that mortgage lending and mortgage banking industry has a loss of credibility in the eyes of regulators, consumers, borrowers, the press, we stepped back and put forth as a direct correlation of what is going on a mortgage improvement and regulatory act. what we are

documentation coming out with millions of jobs lost because of that here, too, studies have been looked at the cfpa, and said that provision alone will raise the interest rates for businesses and i ask for another two minutes. mr. hensarling: i yield the gentleman an additional two minutes. mr. garrett: that provision alone will raise interest rates between 1.4% or 1.6%, say 1.5%. that means individuals trying to get loans will see loans go from 6% to 7.5%. that will mean less jobs today and in the future. how many jobs? one study points out, roughly over one million jobs under that provision alone. where else will we be losing jobs? we'll be losing jobs due to the bailout proposal in this bill. if you put a tax on anything, you're taking -- you're meaning those businesses can't spend the money here when they have to send it over to the government to be stored over here for some other purposes. if we're going to ask businesses to spend $150 billion to $200 billion on this new bailout tax, some studies looked at that and said, that will result in higher costs to those businesses, naturally. less abi

ranking member barton worked closely with us on our proposal to create a commission to lead the cfpa and i finally want to thank chairman peterson for working with us to resolve the energy regulatory issues. i urge all my colleagues to support this legislation and i yield back the balance of my time. the chair: the gentleman yields back. the gentleman from texas is recognized. >> thank you, mr. speaker. i yield myself four minutes. the chair: the gentleman is recognized for four minutes. mr. barton: i ask unanimous consent to revise and extend my remarks. the chair: without objection. mr. barton: thank you, mr. speaker. first let me say that i rise in strong opposition to this bill. i did support marking it up at the energy and commerce committee to maintain jurisdiction over this agency and other agencies in our committee's jurisdiction. i did work with chairman waxman to make some perfecting changes to the bill that's before us. but having said that i think that it is a bad bill, it's an unnecessary bill and it's a bill that will have unintended quentses -- consequences of a negati