Bryan Steil: “This is the final amendment to the bill. It will not kill the bill or send it back to committee. If adopted, the bill…”

“This is the final amendment to the bill. It will not kill the bill or send it back to committee. If adopted, the bill will immediately proceed to final passage, as amended. Madam Speaker, the Dodd-Frank Act created the Consumer Financial Civil Penalty Fund, into which the Bureau deposits civil penalties it collects from wrongdoers. Civil penalties should be used exclusively to make victims of financial consumer crimes whole. We should track down actual victims of fraud. However, current law allows the Bureau to use this account as a slush fund. We should give the money back to the victims. This motion would put an end to the CFPB slush fund. This motion requires the CFPB to do the right thing: Give the money to the victims. The CFPB's ability to take away penalty funds and use them in unaccountable ways is unparalleled among financial regulators. Where does this money go? Both the Government Accountability Office and the Federal Reserve's Inspector General, which oversees the CFPB, found that the CFPB lacks internal procedures. The CFPB lacks accountability. The CFPB lacks transparency. Where does this money go? Let's put an end to the slush fund at the Bureau. Let's redirect where this money belongs. Let's give the money to the victims. I urge my colleagues to vote ``yes'' on this motion to recommit. Madam Speaker, I yield back the balance of my time.”