Political Quotes

“I thank my distinguished ranking member and my friend from California. Mr. Chairman, I rise to oppose this latest Republican assault on the CFPB. It is truly baffling to see my colleagues' continued attempts to undermine the only Federal regulator created to protect American consumers. Contrary to the talking points of the other side, this mash-up of bills will only burden the CFPB with more bureaucracy, not less. For example, the bill would replace the Director, who has been on the job for just 6 months, after the Senate Republicans held up his confirmation for 2 years, with a cumbersome five-person commission. The bill also seeks to take the CFPB out of the Federal Reserve and make it subject to annual congressional appropriations. My Republican colleagues claim this is to provide tougher oversight, but that is a ruse. They have already stated they would defund CFPB altogether if they could. As ranking member of the House Oversight Subcommittee on Government Operations, I firmly believe in accountability, but I would note that Director Cordray has been before this Congress 46 times since CFPB was created. I would call that pretty responsive oversight. After the 2008 Wall Street meltdown, safeguarding our financial system ought to be a primary concern, but this bill would, once again, place the interest of banks over those of consumers.…”