Contac t

Taylor Stanford

Taylor.Stanford@mail.house.gov

202-225-1976

(WASHINGTON, DC) – Representative Sue Myrick (NC-09) today voted against HR 4173, the Wall Street Reform and Consumer Protection Act. 

“The Majority in Congress has made it clear that they think the answer to every problem can be answered by more government control,” Rep. Myrick said.

The bill creates a new Consumer Financial Protection Agency (CFPA) with broad authority to regulate any business which provides loans, credit, or repayment plans.  The CFPA would have the authority to regulate everything from doctors and hospitals to advertising agencies, cable companies and realtors.

“What’s most astonishing is that the bill hands over unprecedented authority to the CFPA to implement regulations.  These rules should be prescribed by elected officials who are accountable to voters,” Rep. Myrick said.  “The CFPA will result in diminished consumer choice and will stifle development of innovative products and services”.

The bill also creates a permanent, $150 billion bailout fund for troubled financial institutions, funded by fees on large financial institutions and hedge funds. 

“Not only does the bill create a permanent bailout fund for firms deemed ‘too big to fail’, it also allows government regulators greater say in how they should be operated,” Rep. Myrick said.

The Republican Motion to Recommit would have discontinued the Troubled Asset Relief Program and used the remaining funds to pay down the national debt.