Political Quotes

“It was just back in 2013, the CFPB, the Consumer Financial Protection Bureau, issued something called a bulletin. What did it do? It tried to eliminate auto dealer discounts, essentially helping consumers, on the grounds that these discounts create a fair credit risk. Now, there are two major problems with what they did. First, the CFPB's actions will actually raise costs, raise credit costs for families--these very same families that are having a tough time, as it is, in this economy because this is a bad economy right now--and make it harder for these family to purchase a car. Secondly, the CFPB's action is expressly prohibited by law from regulating auto dealers by the authorizing statute in Dodd-Frank. You see, the CFPB acted behind closed doors, without any transparency or input from the general public that they are supposed to be protecting, to circumvent, to go around the law, and found an indirect way to alter an industry that the CFPB is prohibited by law from doing. If that is not the very definition of an out-of-control agency, I don't know what it is. Mr. Chairman, it is time that we defend the rule of law in this country and defend transparent government against these unaccountable bureaucrats down the street at the CFPB. That is why I am proud to sponsor the Reforming CFPB Indirect Auto Financing Guidance Act.…”