Congressman Tom Price (R-GA) issued the following statement regarding the proposed Consumer Financial Protection Agency (CFPA).

“There is no doubt that our financial regulations are in need of serious reform, but the proposed CFPA is a reckless overreach that will do even greater damage to our economy,” said Congressman Price. “This massive new government agency will hinder economic growth by restricting consumer choice, obstructing access to credit, and subjecting an endless list of industries to unbridled new regulation. This solution demonstrates a fundamental misunderstanding of the root causes of our financial crisis, and leaves taxpayers subject to even more punishment from the disastrous too-big-to-fail philosophy.

“A more honest name for this legislation would be the ‘Restricting the American Dream and Job Destruction Act.’ From average families to entrepreneurial investors, from small business owners to large job creators, all Americans will have greater difficulty achieving the prosperity they seek as a result of this legislation. Congress should be working to promote economic growth and job creation. Instead, we’re creating a new government monstrosity that will stifle economic activity and leave Americans with fewer economic opportunities. Last July, Republicans introduced legislation to responsibly reform financial sector regulation without destroying opportunities for Americans to find gainful employment. Americans want fair rules as they work hard to achieve the American dream, but they also want a system that ensures the American dream is still possible.”

NOTE: House Republicans have introduced H.R. 3310, the Consumer Protection and Regulatory Enhancement Act. A full summary of this legislation can be found here.