On the recordJune 7, 2017
I am proud to stand before you today to speak on the rule and in support of H.R. 10, the Financial CHOICE Act, which represents years of hard work by our chairman, Jeb Hensarling, and the entire Financial Services Committee. For nearly 8 years, Dodd-Frank has targeted Main Street pocketbooks and stripped families of real opportunities for financial success and independence. For instance, the CFPB has spent years removing choices and making access to financial products more difficult to obtain. Under these regulations, it is now harder for families to qualify for a mortgage, to obtain an auto loan, and to access other forms of credit that they have depended on every day of their lives. Meanwhile, the CFPB fails to monitor and prevent actual and real instances of consumer fraud like we saw with the opening of millions of unauthorized customers' accounts at Wells Fargo. Mr. Speaker, I have the privilege of chairing the Oversight and Investigations Subcommittee on Financial Services, and today--today--we released a report titled, ``Was the Cop on the Beat?'' This is regarding the CFPB's wholly inadequate role in investigating the Wells Fargo fraudulent account scandal. We have received numerous records from both Wells Fargo and the OCC and others that indicate that the CFPB was asleep at the wheel when it came to investigating Wells Fargo.…
