Political Quotes

“The Bureau of Financial Protection claims unlimited power to define and regulate every conceivable financial transaction in the country, and yet it claims to be unaccountable to no one. So I find it disturbing that the Bureau collects private credit card data on Americans and does so without the knowledge of those Americans. Its effort is so vast that the Bureau collects information on over 990 million credit card accounts. According to Dr. Thomas Stratmann, Professor of Economics and Law at George Mason University: There are costs and potential harms to collecting and maintaining massive databases of personal financial information; including the potential for abuse, or violation of consumer privacy, and security concerns in the event of a data breach. Mr. Chairman, the Bureau believes that actions must go unquestioned, and now it wants your credit card information, too. This legislation before us protects citizens by protecting and prohibiting the Bureau from collecting Americans' nonpublic personal financial information without first receiving the express permission of the consumer. I urge my colleagues from both sides of the aisle to respect the financial privacy of all Americans and support this legislation.”