Political Quotes

“My amendment prohibits funds to finalize, implement, administer, or enforce the CFPB's rule entitled ``Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders.'' Mr. Chairman, there is a recurring theme here. That is because the CFPB is unconstitutional and their funding is unconstitutional. I would hope and expect the Supreme Court to rule in that way so that Congress can rule and administer funds appropriately. That being said, we have an obligation to rein in their out-of- control regulation. The CFPB's proposed rule seeks to publicly identify so-called repeat financial law offenders by establishing a database of enforcement actions taken against certain nonbank covered entities. Specifically, the proposed rule would require certain nonbank entities to register with the bureau and to provide regular updates on such covered orders. The proposed rule also includes obtaining enforcement actions against organizations that have already settled with State or local authorities. Mr. Chairman, this is empowering an agency that has already gone too far. It has gone beyond its mandate, it is unconstitutional, and I reserve the balance of my time.”