Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, delivered the following opening statement during a Financial Institutions and Monetary Policy Subcommittee hearing entitled, “Agency Audit: Reviewing CFPB Financial Reporting & Transparency.”

Thank you. Today, this Subcommittee could have been examining ways to strengthen consumer protections with respect to predatory payday lending, debt collection, junk fees, and so much more.

Instead, Republicans are here to continue their crusade to crush the Consumer Financial Protection Bureau. House Republicans revealed their true colors last year when two-thirds of their caucus voted to defund the CFPB, but thankfully Democrats handily defeated that effort.

Instead of doing the bidding of wealthy financial executives, Republicans should listen to their constituents. After all, 82 percent of Americans, including 77 percent of Republicans, support this popular agency because it is a strong, transparent, accountable agency and it fights for them all, and Democrats will always protect the CFPB and the consumers they defend.

Ladies and gentlemen, we got the CFPB as a result of the meltdown of 2008. I love the agency and we’re going to defend it every day. And with that, I yield back the balance of my time if I have any left.

Thank you.

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