Sean Duffy: “Thank you for yielding. Madam Speaker, just to be clear, the bill that is before the House today is not a repeal bill of…”

“Thank you for yielding. Madam Speaker, just to be clear, the bill that is before the House today is not a repeal bill of the CFPB. It is a modification, a reform package to the CFPB. So when my colleagues and friends across the aisle talk about how there will be no consumer protection, that is absolutely false. We just want to make sure the Consumer Financial Protection Bureau works better and is more responsive to the American people. So I want to talk about a few of the things that this bill does. The first thing is it moves the Director of the CFPB over to a bipartisan commission of five. Now, I know my friends across the aisle have taken issue with this. However, when, under Dodd-Frank, the CFPB was originally envisioned by House Democrats and the former chairman Barney Frank, they didn't have a single director; they actually had a commission. When Elizabeth Warren, now Senator Warren, envisioned this package, it wasn't a director; it was a commission. So now that my friends across the aisle take issue with the reform package that has a commission and not a director, it was their original idea. So let's not play partisan politics. Let's join together on points of agreement, and this is one of them. Another concern, the Consumer Financial Protection Bureau is not responsive to Congress because it doesn't get its funding from Congress. It doesn't go through the appropriations process, which gives us great oversight here in the House.…”