On the recordJune 8, 2017
I thank Chairman Hensarling for his leadership on this issue. Mr. Chair, the Consumer Financial Protection Bureau has cost American small businesses, American entrepreneurs, and the American taxpayers millions of dollars in regulatory costs since the inception. I actually own a business. I am a small-business owner, and I can tell you it is horrible legislation. And although this rouge and unaccountable agency hides behind the false pretense that its actions protect consumers, there could be nothing further from the truth. Take, for example, the ability to exempt small community financial institutions from any rule they impose. In fact, Dodd-Frank gives them explicit authority to do so. Yet because they lack congressional oversight, because they have a director who cannot be removed at will, they simply do absolutely nothing. Mr. Chair, if my colleagues are looking for a reason to vote for this bill, they should look no further than the reforms that helped rein in the CFPB. Specifically, I am happy to see the committee-incorporated provision I introduced last Congress which would apply the REINS Act to all financial agencies, including the CFPB. Over the last 12 years, $55 billion in regulatory costs have been levied by our financial agencies, and this must end, and it must end now. Again, the Financial CHOICE Act is a win for American taxpayers. It is purely a win for Americans who are sick and tired of the heavy hand of Washington. Mr.…
