Speaker Pelosi: Consumer Financial Protection Agency Will Help Protect Financial Interests of America’s Families

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October 9, 2009 -- Washington, D.C. – Speaker Nancy Pelosi released the following statement today after President Obama delivered remarks at the White House on the need for a consumer financial protection agency to protect the financial interests of America’s families.

“Congress is working with President Obama to protect American taxpayers by ushering in an era of honesty, fairness, transparency, and accountability in our financial marketplace and preventing the abusive anti-consumer practices that resulted in the worst global financial crisis since the Great Depression. We will help achieve this goal by establishing a consumer financial protection agency, whose sole purpose is to protect the financial interests of America’s families.

“Next week, under the leadership of Chairman Barney Frank, the House Financial Services Committee will vote on legislation to create the consumer financial protection agency. Along with robust supervision of financial firms, and strong oversight of their practices, this agency will prevent the egregious abuses that hurt working families, the young and the elderly, and the millions of consumers who entrusted their hard-earned dollars to financial firms that deceived them.

“American families deserve a financial marketplace they can trust to protect their financial futures and that no longer rewards reckless behavior on Wall Street. Congress joins President Obama in charting a new path forward – a change in the way we police our financial markets and a significant step toward financial security and stability for all Americans. ”

Source: Speaker Nancy Pelosi