During a debate on the House floor on Tuesday, Rep. Sylvia Garcia (D-TX) decried Republican efforts to curb CFPB protections on online banking technology.
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NewsTranscript
00:00Recognize for one minute.
00:01Thank you, Mr. Speaker, and thank you to the ranking member.
00:04The Consumer Financial Protection Bureau, known as CFPB, was created for one reason,
00:11to protect everyday people from getting ripped off, especially when tech companies start acting like banks.
00:19If a tech company wants to be trusted with your money, it should play by the same rules,
00:25the same rules as any bank.
00:28That's what the CFPB was doing, making sure the rules apply to everyone.
00:34But Elon Musk doesn't want to follow the rules.
00:38He wants to turn X, formerly known as Twitter, into a payment platform without any accountability, no rules.
00:46So if you get scammed, too bad, no refunds, nada.
00:50And the people who will get hurt, it's the people like those folks in my district that I represent.
00:56Young people, working families, folks just starting to save for the future.
01:01We're fighting to protect them because the CFPB just isn't a watchdog.
01:06It's a lifeline.
01:07And we're not going to stand by why Donald Trump, Elon Musk, and billionaire buddies try to kill it.
01:13Thank you, and I yield back.
01:14Gentlewoman Yields, Gentlewoman from Canada.