Dan Crenshaw: “This amendment would strike one of the very best and most important provisions of the bill, that is, putting the CFPB…”

“This amendment would strike one of the very best and most important provisions of the bill, that is, putting the CFPB under the appropriations process. That is number one. It also would strike a provision of the current law, which merely requires the CFPB to notify Congress whenever they request money from the Federal Reserve. That is the law today. And the third thing it does is it strikes the provision that changes this CFPB, the Director, to a five-member commission. Now, the combination of these provisions introduces ordinary and customary congressional checks that most every other agency abides by. We are not asking the CFPB to do anything the Department of Defense or the State Department or the Department of Justice or the Treasury Department doesn't already do. I think it is truly ironic that the agency responsible for making consumer financial products more transparent and financial institutions more accountable is nontransparent to the Congress and to the American people. The Dodd-Frank authorizes the CFPB to fund itself by drawing money from the Federal Reserve to the extent their Director deems ``necessary.'' Now, the Federal Reserve doesn't oversee the agency. It doesn't exercise any authority over it. But the Federal Reserve must transfer the CFPB whatever funds the Director requests without asking any questions.…”