On the recordFebruary 27, 2014
I thank Chairman Hensarling for the time and for allowing me to speak on this important issue; and I also thank the gentleman from Wisconsin (Mr. Duffy) for his the leadership on this legislation. This legislation is absolutely necessary to bring pragmatic reforms to CFPB. The CFPB needs transparency. It needs accountability. It needs privacy reforms. The first main goal of this legislation is to replace the single all- powerful director with a five-person independent commission. This will allow for a healthy debate and to bring rules and regulations that are proposed at this agency. It would put CFPB on a regular budgetary cycle with annual appropriations. This will shield the very American taxpayer from wasteful spending and allow Congress the proper oversight that this agency absolutely needs. One of the key provisions of this bill prohibits CFPB from accessing, collecting, and analyzing the American people's personal financial data without their express permission. In the wake of the regulation tsunami coming from D.C., it is time that Congress exercise its authority to help rein in government bureaucrats and help provide the clarity to business owners across the country. I urge all of my colleagues to support this bill.
