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Video Transcript
Yeah that's the big thing good I think that they do okay but with him good good morning morning everyone everyone I'm I'm very very honored honored to to be be standing standing here here with with two two champions champions for for america's america's consumers consumers america's America taxpayers taxpayers are our distinguish distinguish ranking ranking member member of of the the House House financial financial services services Committee Committee congresswoman congresswoman maxine maxine waters waters and and advantage advantage or or Elizabeth Elizabeth Warren Warren who who is is the the a a founder founder of of the the consumer consumer financial financial protection protection Bureau Bureau financial financial services services institutions institutions I I mean mean in in every every way way she she has has been been a a protector protector of of the the American American people people eight eight years years ago ago on on check check recklessness recklessness on on Wall Wall Street Street United United a a financial financial meltdown meltdown that that devastated devastated families families across across the the country country Democrats Democrats to to bold bold action action and and pastor pastor dodd dodd Frank Frank that that was was so so proud proud Center Center died died and and chairman chairman Frank Frank for for what what they they did did the the strongest strongest set set of of consumer consumer financial financial protection protection in in history history but but today today House House republicans' republicans' are are once once again again trying trying to to destroy destroy those those protection protection last last month month Republicans Republicans pass pass there there what what we we called called the the wrong wrong choice choice act act the the repeal repeal of of dodd dodd Frank Frank a a giveaway giveaway to to the the financial financial industry industry at at the the expense expense of of hard hard working working families families Republicans Republicans are are waging waging war war on on the the consumer consumer Bureau Bureau Bureau Bureau that that has has returned returned nearly nearly 12 12 billion billion dollars dollars to to nearly nearly 20 20 month month nine nine nearly nearly 29 million 29 million people people in in our our country country wrong wrong Americans Americans many many of of them them seniors seniors veterans veterans and and members members of of the the armed armed services services and and now now Republicans Republicans are are stacking stacking the the deck deck even even further further against against American American family family seeking seeking to to deny deny that that speaking speaking to to deny deny the the fundamental fundamental rights rights to to obtain obtain Justice Justice in in court court forcing forcing consumers consumers into into arbitration arbitration indeed indeed forced forced arbitration arbitration gives gives financial financial services services providers providers a a free free pass pass to to get get away away with with abuse abuse that that denies denies better better and and service service members members and and seniors seniors and and others others Justice Justice against against predatory predatory financial financial marketplace marketplace practices practices and and it it sadly sadly reflects reflects a a Republican Republican party party that that works works relentlessly relentlessly to to empower empower Wall Wall Street Street and and to to rig rig the the system system against against consumers consumers we we take take a a pledge pledge shea shea liberty liberty and and Justice Justice for for all all and and like like the the magna magna cart cart to to eight eight over over 800 800 years years old old the the magna magna carta carta pledge pledge does does to to no no one one what what we we refuse refuse or or delay delay right right or or Justice Justice and and yet yet that's that's exactly exactly what what they they want want to to do do today today all all the the American American people people deserve deserve a a better better deal deal than than what what they're they're getting getting for for Republicans Republicans in in Congress Congress Democrats Democrats are are going going to to fight fight back back we we will will fight fight this this resolution resolution protect protect hard-working hard-working Americans Americans we're we're going going to to fight fight to to put put leverage leverage who who has has the the leverage leverage but but leverage leverage back back in in the the hands hands of of the the American American people people and and now now it it is is my my privilege privilege to to your your the the floor floor to to the the sting sting wish wish ranking ranking member member of of the the financial financial service service is is committed committed in in the the House House of of represent represent a a defender defender of of jobs jobs rank rank of of protector protector of of the the rights rights and and opportunities opportunities for for america's america's consumers consumers and and taxpayers taxpayers congressman congressman maximum maximum others others thank thank you you so so very very much much leader leader pelosi pelosi I'm I'm so so delighted delighted to to be be here here with with Nancy Nancy pelosi pelosi the the first first woman woman Speaker Speaker of of the the United United States States Congress Congress in in the the history history of of the the United United States States Congress Congress and and Sen Sen Elizabeth Elizabeth Warren Warren who who is is a a leader leader that that help help to to create create the the consumer consumer financial financial protection protection Bureau Bureau and and is is the the leader leader who who is is constantly constantly speaking speaking out out on on behalf behalf of of consumers consumers and and helping helping people people to to understand understand what what we we can can do do to to give give consumers consumers a a fair fair chance chance in in our our society society to to have have a a good good quality quality of of life life and and not not to to be be ripped ripped off off about about those those who who are are in in power power and and I I places places and and so so I'm I'm here here this this morning morning to to call call out out yet yet another another shameful shameful Republican Republican effort effort to to take take away away important important consumer consumer protection protection earlier earlier this this month month the the consumer consumer financial financial protection protection Bureau Bureau issued issued a a final final rule rule banning banning forced forced arbitration arbitration clauses clauses in in contracts contracts but but consumer consumer financial financial products products the the rule rule insures insures they they consumers consumers are are not not required required to to sign sign away away their their legal legal rights rights in in order order to to open open a a Bank Bank account account obtain obtain a a credit credit card card finance finance a a car car of of pain pain a a private private student student loan loan the the rule rule is is very very important important because because consumers consumers who who are are cheated cheated by by financial financial institutions institutions and and who who are are then then forced forced into into close close door door arbitration arbitration receive receive less less compensation compensation than than they they would would have have received received if if they they had had the the opportunity opportunity for for haps haps to to have have their their day day in in court court forced forced arbitration arbitration benefits benefits large large corporations corporations and and Wall Wall Street Street banks banks to to the the detriment detriment of of consumers consumers for for example example Wells Wells fargo fargo continues continues to to use use forced forced arbitration arbitration to to prevent prevent consumers consumers from from pursuing pursuing class class action action lawsuit lawsuit against against the the Bank Bank for for opening opening millions millions of of project project account account using using their their personal personal information information the the joint joint resolution resolution the the Republicans Republicans have have put put both both uses uses the the congressional congressional review review at at to to sensitively sensitively repeal repeal the the consumer consumer of of your your rose rose important important new new role role this this is is outrageous outrageous and and unacceptable unacceptable unfortunately unfortunately it it is is just just the the latest latest in in a a wave wave of of Republican Republican attacks attacks on on financial financial regulation regulation and and consumer consumer protection protection in in June June House House republicans' republicans' pass pass what what I I call call the the wrong wrong choice choice act act a a bill bill to to dismantle dismantle dodd dodd Frank Frank Wall Wall Street Street reform reform and and consumer consumer protection protection act act and and got got the the consumer consumer financial financial protection protection Bureau Bureau now now they're they're moving moving to to snatch snatch away away legal legal right right from from consumers consumers I I and and other other Democrats Democrats are are determined determined to to continue continue this this fight fight against against the the top top nfl nfl efforts efforts all all of of these these efforts efforts and and to to stand stand up up for for main main Street Street thank thank you you very very much much and and of of course course as as I I mentioned mentioned senator senator alright alright thank thank you you thank thank you you it it up up were were involved involved in in a a lot lot of of tough tough fights fights in in Washington Washington right right now now but but when when it it really really gets gets tough tough and and we we gotta gotta get get out out there there and and fight fight on on behalf behalf of of American American families families there there is is no no one one I I would would rather rather going going to to battle battle with with shoulder shoulder to to shoulder shoulder then then leader leader pelosi pelosi and and ranking ranking member member of of House House financial financial services services maxine maxine waters waters of of these these two two women women have have been been incredible incredible and and against against tough tough odds odds have have been been there there to to stand stand up up for for families families over over and and over over and and over over so so I I just just wanna wanna make make a a couple couple of of brief brief remarks remarks about about what's what's going going on on here here in in the the first first is is what what you you think think about about the the fact fact that that last last Friday Friday with with the the sixth sixth birthday birthday of of the the consumer consumer financial financial protection protection Bureau Bureau yay yay uh uh I I always always do do this this when when I I mention mention it it um um its its finally finally up up it's it's running running here's here's this this little little agency agency and and the the question question is is why why has has it it drawn drawn so so much much fire fire from from the the Republicans Republicans in in Washington Washington why why is is it it that that the the banks banks in in the the financial financial services services industry industry is is after after it it day day after after day day after after day day I'll I'll tell tell you you the the answer answer it's it's because because it it works works it it works works that that little little agency agency has has force force the the biggest biggest financial financial institutions institutions in in this this country country to to return return nearly nearly 12 12 billion billion dollars dollars directly directly to to families families they they cheated cheated it's it's handle handle more more than than a million a million complaints complaints it's it's done done tough tough oversight oversight and and enforcement enforcement and and it's it's come come out out with with regulations regulations that that piece piece of of the the time time are are beginning beginning to to level level the the playing playing field field between between giant giant financial financial institutions institutions on on one one hand hand and and American American families families on on the the other other and and because because it it is is working working the the Republicans Republicans wanna wanna find find every every way way they they can can to to bring bring it it down down right right now now we're we're here here on on an an emergency emergency basis basis because because the the Republicans Republicans have have seen seen the the latest latest rule rule that's that's come come out out of of the the consumer consumer agency agency and and they they are are determined determined act act on on behalf behalf of of the the big big financial financial institutions institutions and and get get rid rid of of this this new new regulation regulation and and watches watches his his new new regulation regulation do do it's it's an an arbitration arbitration clause clause the the consumer consumer agency agency has has said said effectively effectively that that no no longer longer can can companies companies slip slip just just a a little little bit bit of of fine fine print print down down deep deep somewhere somewhere in in the the contract contract you you sign sign that that says says that that is is something something goes goes wrong wrong you you must must go go to to arbitration arbitration to to get get it it resolved resolved let let me me tell tell you you why why the the consumer consumer agency agency is is posted posted that that and and has has said said can't can't do do that that anymore anymore guys guys it's it's because because that that cause cause should should have have a a big big Red Red flashing flashing light light around around it it that that says says about about to to sign sign a a contract contract here here but but if if that that credit credit card card company company if if that that private private student student lenders lenders cheats cheats you you it's it's probably probably not not what what you you can can do do about about it it cause cause you you sure sure can't can't go go to to court court I I want want you you to to think think about about that that for for a a minute minute somebody somebody cheat cheat you you for for a a few few hundred hundred dollars dollars can can you you really really afford afford to to go go to to vacation vacation somebody somebody teacher teacher for for just just 30 30 bucks bucks just just adds adds an an extra extra fee fee on on can can you you really really afford afford to to go go to to betray betray tion tion here here so so the the Wall Wall up up until until now now up up or or blow blow up up until until we we ended ended up up with with these these clauses clauses was was basically basically whatever whatever consumers consumers get get cheated cheated in in the the same same way way a a whole whole lot lot of of people people get get hurt hurt and and basically basically the the same same way way they they didn't didn't all all of of you you with with a a 30 30 dollar dollar cause cause they they didn't didn't all all of of you you with with a hundred a hundred and and 50 50 dollar dollar penalty penalty fee fee they they raise raise your your interest interest rates rates in in ways ways that that were were not not in in the the contract contract what what would would happen happen before before is is all all of of you you could could join join together together and and go go to to court court together together because because the the courts courts and and recognize recognize that that what what it it took took for for access access to to the the court court is is that that you you could could bring bring a a lot lot of of claims claims together together and and then then you you had had some some balance balance so so if if you you are are up up against against the the big big financial financial institution institution but but several several hundred hundred or or several several thousand thousand consumers consumers have have been been cheated cheated there there was was a a chance chance to to get get some some redress redress your your had had your your day day in in court court but but not not if if there's there's an an arbitration arbitration clause clause in in place place so so when when there there is is a a forced forced arbitration arbitration clause clause in in place place nobody nobody gets gets to to do do the the class class action action which which means means effectively effectively nobody nobody ever ever gets gets in in the the court court so so the the consumer consumer financial financial protection protection Bureau Bureau has has said said in in his his credit credit contracts contracts you you just just gotta gotta stop stop this this if if if if you you gotta gotta cheat cheat people people it's it's gonna gonna be be some some accountability accountability that's that's what what this this provision provision is is all all about about and and that's that's why why we're we're here here today today is is to to defend defend the the consumer consumer agency agency it it did did a a long long study study of of this this procedure procedure we we said said in in the the original original dog dog Frank Frank enabling enabling legislation legislation take take a a look look at at arbitration arbitration and and if if you you think think American American consumers consumers are are getting getting hurt hurt by by these these clauses clauses then then go go forward forward give give us us a a rule rule to to deal deal with with our our vacation vacation give give us us a a rule rule that that will will let let American American consumers consumers get get back back in in the the court court so so now now we we come come to to that that moment moment when when everybody everybody in in Washington Washington everybody everybody in in Congress Congress House House and and Senate Senate has has to to pick pick who's who's side side are are you you on on are are you you on on the the side side of of the the consumers consumers decide decide of of the the consumer consumer groups groups the the side side of of the the faith faith groups groups the the side side of of the the veterans veterans groups groups the the side side of of the the civil civil rights rights groups groups the the side side of of the the people people or or are are you you on on the the side side of of the the giant giant financial financial institutions institutions the the Republicans Republicans are are advancing advancing this this bill bill because because they they are are on on the the side side of of the the giant financial institutions we are here to defend the side of the people later thank you thank years kick a little workout question hmm here we go go ahead put on the arbitration alright uh Litmus test this beautiful making agenda Oh yeah I've seen your cat that did hear everything that he said would you repeat it please yet is your age an arbitration role uh Small dollar me and I'm wondering if this book A lot of them roll to see director for drinks releases No let me just let me just focus on mandatory arbitration and how important that is and you heard from Center to warn I talking about the back that not only have they come a basically at the last minute with this rule after all of the work that has been done by the consumer financial protection Bureau in mister gray to do what we instructed them to do when we did uh the dot prank reforms and this is a litmus test on republicans' this is a litmus test it says as she said who are you with are you with the consumers are you with us and so this is very clear and people can determine Republicans and Democrats alike who they're going to stand with it stands on its on uh for them to be a determined whether or not they're going to protect the consumer if I just may add you in the following because you're asking about a couple different things there let's in large the whole issue again as I say who has the leverage if the banks in the financial institutions know that the consumer can engage in a class action suit they might alter their behavior but if they know they're at the consumers at the mercy of the banks because of forced arbitration the consumer doesn't stand a chance it's just extension so whatever there's the vision you might bring up it's always about if you if you are forced into arbitration and you can't engagement class action sip you have surrendered your right and and that just gives them a clear path to exploitation and so whatever the rules happens to be I hope that the uh director will come forth with not let this stand is way because what the Republic will vote on the floor is no litmus test of what is right for the American people I just had one point and that is what makes the consumer financial protection Bureau strong it doesn't play politics it has exactly one group that watches out for and that's American consumers and it does it straight down the line make sure that American consumers don't get cheated don't get tricked don't get trapped that's its job and carries out that job every single day and that's why we're here to defendant this is Whether you have yeah they're using the okay she's me did you anticipate It's one of the game wallets is that right did you anticipate that Yes yes we thought it would be a a vehicle and as republicans' have used that they've been very clear in their agenda whether it's under mining as the environment with in every category you can name they have narrowed the protection for the American people was the air they breathe or their their credit card account and no it was a clear have to them because was would you have a bill that would say not only are we repeal this regulation we're saying you cannot change it you cannot change will take a new Congress to pass a new law but the agency cannot come back and say well if you checked it to this let's split the difference were let's let's recognize your concern it was destructive from the start it was clear from the start they were removing all protection that was what it's purpose was that's what is the purpose continues to bid you set let me just say that one of the arguments that the Republicans have been effective in advancing is over regulation and often times I'm confronted with questions about when you guys are going to do something about the over regulation of the community banks when you guys gonna deal with the fact that you should be concerned about the fact that the economy does not work as well because of too many regulations and it seems that too many folks about it that and I'm often times I ask this over and over again by the media and so I think that the congressional review act certainly is use for the purpose of the regulation and we have to be very concerned about that because what you see here is an example of that dodd Frank is the best thing that ever happened to consumers the consumer financial protection Bureau is the only agency that's really looking out for the well bar consumers and prior to it when we took it they look at the responsibilities of all those agencies that was supposed to be concerned about consumer protection wasn't there and that's why Senate to warn was so very very insightful and very very influential and cause us to have this consumer financial protection Bureau as so yes I believe that the congressional review act is being used by them today regulate what I would just just make a little distinction in that regard they use the word regulate the regulate but what they are doing is removing protect us right protection for clean air protections for our children I can show you pictures of over and over again of families of children seniors a consumers milage men and women in uniform who had been ripped off by this the yes in the name of regulate the regulation but what it is yes let's say their Center one when you Great no I did not I thought when we built the consumer financial protection Bureau out there for American families that both Democrats and Republicans what stand up and that the idea that when the consumer agency we try to put in place the regulations to make the economy safe again to get to keep people from getting cheated that the Republicans would say we wanna roll those regulations back never crossed my mind this agency was not an agency that was born of somebody set around and said how can we create more regulation this agency was born of a financial crisis that started one lousy cheap mortgage at a time and it was put in place not because there weren't laws already in Congress but as congresswoman water said because they were scattered among a bunch of different agencies who wouldn't pick for law up and use it and so this age unsay was the agency where those laws were gathered in one place and said the laws are gonna be there you're gonna develop the expertise we're gonna have the resources and then you're gonna be responsible for answering to the American people to make sure that giant financial institutions do not get to cheat their customers again build their profit models around tricking people and take down not just millions of families but take down this whole economy that's why we built the consumer agency to begin with and the truth is I never thought it was gonna be a partisan issue I thought after the financial crash of two thousand eight that all of America had seen enough and said from now on we just want a level playing field we just want people to be able to get a mortgage to be able to get a credit card to be able to take out private student one without getting cheated that's what this agency is about an effect of the Republicans wanna stand out and say let's get rid of those rules and let's get rid of that agency let's find a way to leash up that watch dog is fundamentally wrong and it goes right back to this question whose idea stand on Democrats stand with the people Republican stand with the big banks now you can see why House Democrats were so proud that we had the initiative in the legislation to establish a Commission that would review the actions of Wall Street and who care that Commission as it turns out but then not send your yet but Elizabeth Warren so she has the present at the birth of all of this watched it very carefully and stands ready to join with others and lead the way to protect protect not remove protection is but to protect the consumer the tax payer our veterans our men and women in uniform who they exploit shamelessly it's really very very set but we will again make the fight and make it very visible as you can see like you all very much thank you base it again why didn't go with the real House that's okay baby let's go tell me when America America
House Speaker Nancy PelosiVideosPress Conference on Consumer Protections