Francisco Canseco: “I would like to thank Mr. Duffy, Chairman Bachus, and Chairman Capito for their leadership on this important matter.…”

“I would like to thank Mr. Duffy, Chairman Bachus, and Chairman Capito for their leadership on this important matter. Madam Speaker, I rise in strong support of the rule and the underlying bill with important measures of accountability to an agency that currently operates independent of any real oversight. The mission of the Consumer Financial Protection Bureau is indeed puzzling. How exactly a government bureau is going to determine what financial products are suitable for every American family has never been explained. I have great concern that consumer protection is merely a euphemism for consumer restriction and consumer control. But equally concerning is that this agency currently operates outside the normal checks and balances that exist as a bedrock of our system of government. The director of the agency has enormous influence over family decisions regarding credit cards and mortgages, and there currently exists an extremely high and nonsensical standard for overturning a CFPB rule. The director can set the CFPB's budget every year without ever having to appear before Congress. Despite all of this, the person appointed by the President to advise Treasury on the setup of this agency came before the House Financial Services Committee and called it ``the most constrained and the most accountable agency in government.'' Only in Washington could someone make that claim with a straight face. I fully support H.R.…”