Steve Womack: “I thank Mr. Barr for his kind remarks and for his hard work in drafting the TABS Act. We are pleased to include it in…”

“I thank Mr. Barr for his kind remarks and for his hard work in drafting the TABS Act. We are pleased to include it in this year's Financial Services and General Government appropriations bill. Let me add that I fully agree with your assessment of the importance of making the CFPB part of the annual appropriations process. As you noted, most agencies are funded by Congress, including all the traditional consumer protection agencies, as you have articulated. I also agree with you that the purpose of this legislation is to uphold the Constitution. I mean, that is our oath. That is what we swear to on January 3 every other year. This is a principled action. It is not an effort to kill the CFPB. That is why this bill funds the CFPB at the level it receives now. We merely want to create an accountable funding structure for the CFPB that is like all other consumer protection agencies. That is why I will not support the amendment to eliminate the funding. That is why this is about constitutional principles, not the CFPB's existence. Finally, let me say the Appropriations Committee has a critical constitutional responsibility to oversee how the Federal Government spends taxpayer dollars. The annual process is the mechanism whereby our democracy ensures that the people's priorities are reflected in how taxpayer dollars are allocated and spent.…”