Political Quotes

“This amendment permanently subjects funding for the CFPB to congressional appropriation and authorizes funding for fiscal year 2020 at the fiscal year 2019 level. The Consumer Financial Protection Bureau is currently funded by the Federal Reserve System, based upon a formula. Congress has never been able to fully determine the funding level for the CFPB, limiting congressional oversight and the American taxpayers' right to have a voice in these activities. As Acting Director Mick Mulvaney stated in his quarterly funding request to Chairman Jerome Powell of the Federal Reserve Board of Governors: ``By design, this funding mechanism denies the American people their rightful control over how the Bureau spends their money. This undermines the Bureau's legitimacy. The Bureau should be funded through congressional appropriations. However, I am bound to execute the law as written.'' If Democrats do not like the actions of the CFPB Director, they should support returning control to the Congress, to the United States House of Representatives, to the people's House, through the appropriations process, as was envisioned by the Founders in the Constitution. This amendment simply returns congressional oversight by bringing funding for the CFPB under our discretionary appropriations process. Madam Chair, I urge all Members to support this important and commonsense reform, and I reserve the balance of my time.”