Frank Statement on the Administration’s Consumer Financial Protection Agency Proposal

Washington, DC - Financial Services Committee Chairman Barney Frank (D-MA) issued the following statement on the release of the Administration’s legislative proposal to create a new Consumer Financial Protection Agency:

“The Administration’s release of its recommended language is very welcome because it removes any obstacle to the House Financial Services Committee reporting out legislation creating such an agency in July.  The federal regulatory system has clearly failed to provide adequate protection for consumers and that failure contributed to the broader economic crisis.  That is why I have made the creation of the agency one of our highest priorities. 

“While the committee will, of course, exercise its own judgment on the specifics and we have already had a thorough hearing on the matter, it is helpful to have the administration’s proposals as well because I believe there is a great deal of common ground between us.  And with their text in hand we can now proceed to draft and approve a bill in committee before the August recess.”

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