Perlmutter Supports Passage of Consumer Financial Protection Agency Act

Washington, DC - Today, U.S. Rep Ed Perlmutter (CO-07), a member of the House Financial Services Committee voted to approve legislation establishing a new, independent agency to protect taxpayers and consumers from unfair and abusive financial products and services. The Consumer Financial Protection Agency (CFPA) is part of a package of the most significant reforms of the financial industry since the Great Depression.

Perlmutter stated, “These changes are aimed at protecting taxpayers and consumers by reining in the abuses and inefficiencies of Wall Street while enabling a balanced environment for the financial markets to grow and stabilize our economy. The creation of the CFPA will put the interests of taxpayers first by promoting a fair and transparent marketplace for financial products.”

The bill includes federal supervision of a host of financial industries, such as payday lenders and mortgage originators, which previously had no oversight.

The bill will now be considered by the full House of Representatives.