Political Quotes

“I appreciate the opportunity to engage in a colloquy with you on an important issue related to the Consumer Financial Protection Bureau. This Congress should act swiftly and establish a five-member, bipartisan commission at the CFPB. A commission structure will bring much needed certainty and stability to consumers and small businesses who are the most deeply impacted by regulation that reduces access to banking products and drives up costs. According to FDIC data, financial institutions of all sizes provide more than $4 trillion in consumer loans to help America's consumers achieve their dreams of purchasing a car, buying their first home, or even providing an education for their children. Financial institutions also provide more than $600 billion in small business loans to help entrepreneurs start or grow their businesses and create jobs. The ability of banks and credit unions to continue to serve their communities by providing access to credit is critical to making these dreams a reality. Therefore, it is important that the agencies that regulate our nation's depository institutions are stable, transparent, and provide long term certainty. A five-member, bipartisan commission at the CFPB will help achieve just that. Right now, a sole director at the CFPB over politicizes what should be an impartial regulatory body. With every new Director there could be a dramatic regulatory whipsaw effect.…”