Who knows best: The federal government or the American people?

Here we go again. Today, the Financial Services Committee approved H.R. 3126, legislation that will create a so-called Consumer Financial Protection Agency. As Deputy Ranking Member of the Financial Services Committee, I voted against this reckless bill. This is yet another example of the Democrat Majority expanding government, killing jobs and limiting choices. We can all agree reforms such as better disclosures and more enforcement are needed, but creating yet another government agency is not the right solution.

This massive government bureaucracy will raise costs for consumers, reduce the number and type of products available to them and increase micromanagement by the federal government.

There is a better solution, and the Republican substitute offered in the Financial Services Committee improved consumer protection in a way that genuinely addresses the concerns of consumers without limiting access to credit, imposing excessive compliance and litigation costs on small businesses, creating a massive new government bureaucracy, and undermining safety and soundness of financial institutions.

Our country was built on choice. Why the Democrat Majority believes the American people aren’t smart enough to make their own decisions completely baffles me.