Political Quotes

“Mr. Speaker, a few weeks ago, the Consumer Financial Protection Bureau implemented their most recent arbitration rule. While this rule claims consumer protection, it does the very opposite. It will cost Americans more of their hard-earned money and time. The CFPB is arguably the most powerful and yet unaccountable government agency in the history of this country. By intentional design, the CFPB is not accountable to Congress or the taxpayer. According to the D.C. Circuit, the unelected CFPB Director, Richard Cordray, ``possesses more unilateral authority than any single commissioner or board member in any other independent agency in the U.S. Government.'' What does this mean exactly? Well, it means that no one is checking the Director's actions. The CFPB is able to evade all limits and restraints proposed by the government. Because of this, Director Cordray is only looking out for one person--that is himself. The CFPB chose to ignore their own study because the results did not fit the narrative they were trying to impose on Americans. This study showed that the average consumer receives $5,400--we have heard this already--in cash relief when using arbitration, as opposed to an inadequate $32 through class action suits. In addition, the study concluded that the use of arbitration produced a higher recovery rate and shorter timeline for the consumer, and that is good.…”