February 12, 2025 – Washington, D.C.
During this morning’s House floor session, Rep. Katherine Clark (D-MA) delivered a scathing rebuke of House Republicans, accusing them of standing by as the Consumer Financial Protection Bureau (CFPB) is dismantled, critical health care services are threatened, and cost-of-living spikes hit American families.
Clark’s speech was a direct condemnation of the Trump administration’s reported plans to eliminate the CFPB, a federal agency established in the wake of the 2008 financial crisis to protect consumers from financial fraud and abusive corporate practices.
Clark’s Main Arguments: The GOP is Silent While Americans Suffer
1. The GOP’s Allegiance to Elon Musk, Not the American People
Clark called out Republicans for standing by—or actively cheering on—efforts to dismantle government protections that benefit everyday Americans.
“I’ve been listening to my Republican colleagues, waiting for the moment when they are going to fight for the American people… so far, the silence is deafening.”
She criticized GOP lawmakers for being more concerned with protecting billionaires like Elon Musk than fighting for their own constituents, particularly those struggling with rising costs, medical debt, and financial fraud.
2. The Importance of the CFPB in Protecting Consumers and Service Members
Clark laid out exactly what’s at stake if the Consumer Financial Protection Bureau is dismantled, highlighting key ways the agency has saved Americans billions:
- Cracking down on predatory payday loans – Before the CFPB intervened, a Marine stationed in Texas taking out a $2,000 loan could face a staggering 664% interest rate, resulting in $1,100 in interest alone.
- Thanks to the CFPB, that interest was capped at $60, saving military families from crippling debt traps.
- Returning $360 million to service members and veterans by enforcing lending laws.
- Eliminating bogus overdraft fees, saving working families $5 billion per year.
- Banning excessive credit card late fees, putting $10 billion back into the pockets of consumers annually.
Clark slammed Republicans for allowing Musk and corporate interests to gut the agency, arguing that doing so only benefits Wall Street and financial predators, while leaving working-class Americans defenseless.
“When Republicans are silent, you are siding with the scam artists.”
3. The Cost-of-Living Crisis: “Eggs at $8 a Dozen”
Clark also blasted the GOP for ignoring economic realities that everyday Americans are facing:
- Soaring grocery prices, with eggs reaching $8 per dozen in some areas.
- Threats to cancer research funding and veterans’ health care as a result of budget cuts.
- The targeting of public health programs that millions rely on.
She linked these rising costs to GOP-backed policies, suggesting that their loyalty to billionaires and corporations has come at the expense of everyday families.
“The American people did not vote for more scams, for more corporate greed. They didn’t vote to have our service members go into more debt.”
Clark’s Challenge to the GOP: “Wake Up” and Vote Publicly
Clark ended her speech with a direct challenge to her Republican colleagues:
“Let’s wake up, GOP. Stand up for the American people.”
She echoed Rep. Rashida Tlaib’s earlier demand that if Republicans want to dismantle the CFPB, they should hold a public vote on it, rather than allowing Elon Musk and corporate allies to make these decisions behind the scenes.
“Apparently Republicans in Congress would rather have that money go into the pockets of CEOs than fight fraud and corporate abuse.”
What’s Next?
With House and Senate budget negotiations underway, the fate of the CFPB, education funding, and consumer protections will likely be key points of contention in the coming weeks.