Consumers First Act

Floor Speech

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Mrs. BEATTY. Mr. Chairman, I want to thank Chairwoman Waters for her leadership and commitment to putting the consumer back in the Consumer Financial Protection Bureau without regrets.

Mr. Chair, I am proud to be an original sponsor of this bill because it does exactly what the title of this bill says it does. It puts consumers first. One, by restoring supervisory and enforcement authority to the Office of Fair Lending. It also establishes the student loan office--continuing--and resumes military lending examinations, all without regret.

Mr. Chairman, I don't know what my colleagues are talking about. Those are things that we need, and maybe that is why some of the people did send them back home. I do agree with my colleague on that.

This bill ensures that no matter who is running the Consumer Financial Protection Bureau, there are protections that guard against a rogue Director from dismantling it and halting its important work, as this administration has attempted to do time and time again.

Mr. Chairman, I support this because I support the workers. I support what they do for consumers. I support this legislation, and I will proudly debate anyone who thinks this chairwoman has not established legislation and policies that put consumers first.

I urge all of my colleagues, even those on the other side: Let's talk about bipartisanship. Let's get on board and vote ``yes'' for this.

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Mrs. BEATTY. Madam Chair, the inclusion of credit scores on the free annual credit report is an issue that my colleague from Tennessee and I have worked on for several Congresses. Under current law, all consumers are entitled to a free annual report from the three credit reporting agencies. However, despite providing consumers with all of the information that makes up their credit scores, the free annual report does not actually include a credit score. That needs to change. Adoption of this amendment would do just that.

I want to thank Chairwoman Waters for working with us.

I also want to share that financial literacy is a lifelong journey, and as co-chair of the Financial and Economic Literacy Caucus, I believe that knowledge of one's own credit score is essential. There are few three-digit numbers as important to consumers as their credit score. Despite the importance, nearly 60 percent of U.S. adults are unaware of what their score is.

Whether applying for a home or an auto loan, applying for a line of credit or a credit card, or even applying for a job, undoubtedly, a credit score plays an integral role in the everyday financial lives of all Americans. I am asking and urging my colleagues to support this important amendment.

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