Pelosi Statement Following Passage of Republican Legislation to Gut Critical Consumer Protections in Wall Street Reform Law

Contact: Nadeam Elshami/Drew Hammill, 202-226-7616

Washington, D.C. – House Democratic Leader Nancy Pelosi released the following statement following the passage of the Republican so-called Consumer Financial Protection Safety and Soundness Improvement Act of 2011, which seeks to gut the historic consumer protections passed as part of the Dodd Frank Wall Street Reform and Consumer Protection Act:

“One year ago, President Obama signed into law the Dodd Frank Wall Street Reform and Consumer Protection Act: the strongest financial reforms in decades, and the greatest consumer protections in our history.

“Instead of joining Democrats to celebrate this anniversary and the progress it means for America’s middle class, today Republicans voted to gut a key aspect of this bill: the Consumer Financial Protection Agency. By attempting to roll back the powers of the ‘cops on the beat’ to curb abuses in the financial marketplace, Republicans instead are taking our country back to the days when millions of Americans fell prey to unfair, deceptive, and predatory practices.

“The American people demanded Wall Street reform and Democrats delivered and we will always protect this accomplishment from attempts by Republicans and the special interests to undermine it.”

###