Joe Sestak Quotes
Before the CFPB, there was no single agency or entity within the federal government tasked with protecting Americans from predatory or negligent practices of banks, credit card companies, mortgage lenders, payday lenders, credit rating agencies and other financial service businesses.
Sestak, Joe. "Consumer Financial Protection." Joe Sestak 2020, 12 Aug. 2019.
The Consumer Finance Protection Bureau was established over much Conservative opposition in the reforms that were established in the wake of the Meltdown of 2008 and the Great Recession. And the Republican Party was critical of everything that it did. The issue of whether or not the Federal government should even have a role in consumer protection was been debated for over a century. This quotation is very ironic in that the first major federal legislation to assist American consumers was pushed though by Republican President Theodore Roosevelt. Over 100 years later, it was the Republican Party that fought to weaken or eliminate Federal efforts. Ryan, the Republican legislative leader, led the effort. Ironically, most businesses agreed with him about the micromanagement as it was they who had to change their modes of operation to comply with CFPB regulation, but the vast majority of consumers did not feel that they were being micromanaged although many agreed that the companies interacting with consumers were certainly being managed much more tightly.
The bill which passed required people who went into bankruptcy to continue to pay for credit card obligations incurred before the bankruptcy except if they are very rich and have bought very expensive homes in the five states which offer this shelter.
Essentially, the Council voted to close all the banks of the day and get rid of all the bankers. Without banking economic development of Christian (Catholic) Europe stagnated and did not thrive until the Borgia’s used their banking prowess to actually attain the Papacy. Ironically, Christians, Jews and Muslims all had banned banking—usury—the charging of interest for borrowed money—as a serious sin. To this day there are orthodox fundamentalists of all three religions who decry modern banking, but the majority of Christians and Jews no longer have any problem with banking, and while the Muslims generally still decry it as a sin, the wealthy Muslims have come up with various fig leaves where they pretend that banking us not usury, and in the modern world, although they are castigated by a mullah or two, the essence of capitalism goes on even in Muslim countries.
Joseph Ambrose Sestak Jr. is an American politician and retired U.S. Navy officer. A member of the Democratic Party, he represented Pennsylvania's 7th congressional district in the U.S. House of Representatives from 2007 to 2011 and was the Democratic nominee for the United States Senate in 2010. A three-star vice admiral, he was the highest-ranking military official ever elected to the United States Congress at the time of his election. He was a candidate for the Democratic presidential nomination in the 2020 election, launching his campaign on June 23, 2019 and ending it on December 1, 2019, subsequently endorsing Amy Klobuchar.
