Sean Duffy: “Collecting information from the American people and their phone records is one thing, knowing who you call and when you…”

“Collecting information from the American people and their phone records is one thing, knowing who you call and when you call them. It is something far different, Mr. Speaker, when you see how they spend, where they spend, when they spend. If you want to know about America, take their financial records. So all we say in this reform package is give them a choice. If you are here to protect them, ask them and say, We want to take your financial data information; are you okay with that? If you are here to protect the consumer, why wouldn't you ask them? We mandate, we require the CFPB to make that ask, and there is an important reason behind it, because, as many folks in this body understand, in politics, you can get a good representation of the whole by sampling data, taking a small, small segment of the whole and getting a representation of the whole body. That is what the CFPB could do if they wanted good market data on how things are working because I do think they need data, they need information, but that is not what they are doing. They are not sampling; they are taking almost a billion credit cards and information from those. Mr. Speaker, they don't keep that information for a month, they don't want to keep it for a year; they want to keep your financial data for over 10 years. They want to keep your financial data for over 10 years.…”