October 15, 2009

WASHINGTON - During consideration of H.R. 3126, legislation to establish a Financial Product Approval Agency, Democrats on the House Financial Services Committee voted against an amendment offered by Congresswoman Judy Biggert (R-IL) that offers real consumer protection without creating a new  government bureaucracy with unlimited authority to tax consumers and businesses. The Biggert amendment authorizes an existing Federal Financial Institutions Examination Council to adopt uniform consumer protection rules and examination practices, which would be adopted jointly with and enforced by the existing Federal and State regulatory authorities. 

The Democratic proposal creates a new agency that would hurt consumers far more than it would help them. This so-called Financial Product Approval Agency will give unprecedented authority to unelected bureaucrats to ration credit and impose taxes on consumers and small businesses. The creation of a credit czar will only prolong the economic downturn and undermine job creation. This is not the time to limit the ability of our small businesses to obtain the credit they need to grow and create jobs.

The Biggert amendment was defeated on a straight party-line vote, 27-41. Click here to view a copy of the amendment.