Pat McHenry

The Senate is designed to be inefficient; and by God, it lives up to that expectation.

I mean, I think we teach our families, our children that rules are important.

This idea that he is complaining about the Congress' inaction is pretty absurd.

By the way, maybe you could remind the Senators that we did, in the House, pass a budget last year.

I think it would add tremendously to this and explain clearly what your intention is for enforcement actions.

The concern, again, is that asterisk. It does actually lead to uncertainty.

That adds to uncertainty. And uncertainty in the financial marketplace means things cost more or are less available.

I think we need to follow our procedures carefully, follow the law carefully, and if we do that we will build credibility in our work.

I appreciate my colleague, her comments.

And to state for the record, the hearing is entitled, How Will the CFPB Function Under Richard Cordray?

I think it would be a best practice if you look at what the SEC is doing in laying out their regulatory agenda.

We will work tirelessly in partnership with citizen watchdogs to deliver the facts to the American people.

Americans have a right to know that the money Washington takes from them is well spent.

Our duty on the Oversight and Government Reform Committee is to protect these rights.

I thank the chairman and I would like to yield the balance of my time to the chairman so he can continue his line of questioning from earlier.

I think Section 619 was a mistake, and I think that is where the problem lies, that our request to you was a mistake.

I think that is becoming evident to all of us. It will cost hundreds of thousands of jobs.

I believe this will restrict capital, I believe it will drive up the cost of loans, and I believe it will make our financial markets and, thus, our economy and our country less safe.

These rules, I will admit are a responsible request from this Congress, from Dodd-Frank, but Section 619, in my opinion, will be a self-inflicted wound on this country, its economy, and its financial markets.

So the swap line is about direct American exposure in that regard?

You know, I asked earlier about this notion of what happens with Greece.

I thank the ranking member.

The economic risk is real to the American taxpayer. It is a question of the magnitude of that risk.

I would ask the question, if you had one bullet left, would you use it for the American economy?

I don't think there is anybody on this planet at this point that thinks the Greeks are going to pay back 100 Euro cents on the Euro on their debt.