WASHINGTON — Credit union executives attending NAFCU's 2012Congressional Caucus' first day on Wednesday witnessed a spiriteddefense and attack on the Consumer Financial Protection Bureau fromlawmakers from both political parties.
Rep. William Clay Jr.(D-Mo.) defended the new agency and theDodd-Frank Act which created it, noting that it outlawed “too bigto fail” institutions and would prevent taxpayers from having tobail them out lest they wreck the entire financial system.
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“Never again will American taxpayers have to bail outinstitutions that have become too big to fail,” Clay told theexecutives in a very gravelly voice.
He also, several times, thanked the audience for NAFCU's help inhis primary victory during a tight race.
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