Yesterday afternoon, Senator Richard Shelby laid out very clearly what Congressional Republicans consider to be one of their major priorities – rolling back legislation that will provide more security and stability to middle class families, and more accountability to Wall Street. He joins the Republican Leader in the House who promised to try to repeal Wall Street Reform in July.
Senator Shelby wants to go back to a time when there was no such thing as a Consumer Financial Protection Bureau and when consumers were left without a voice at the table. This is an agency whose mission is to look out for American consumers and empower them with the clear and concise information they need to make the financial decisions that are best for them. Its existence is enormously important, because one cause of the financial crisis and the Lost Decade for the middle class was the unscrupulous practices of credit card companies and mortgage lenders, who reaped billions at the expense of consumers from hidden fees and penalties.
Fonte: White House