Shelley Moore Capito

Thank you, Mr. Chairman. And I would like to thank Director Cordray for joining the committee this morning.

So my question is, what is plan B here?

As you can imagine, I represent a State that exports 30 percent of the total coal exports because we can't burn them at home, and we are having difficulty with the President's war on coal.

I don't think any of us in this room intended for this bill to cause foreclosures for people who happen to live near a river or near a mountain.

For an agency whose initial leader once touted that, 'This consumer bureau belongs to the public, and we are building it right out in the open there for anyone to see,' the refusal to answer this simple question is troubling.

So far, the CFPB has declined to provide, I believe, concrete answers to these questions, and I hope we get some of those answers on record today.

The American people have a right to know how a government agency is collecting and using their personal financial data.

This witch hunt is an insult to the American people and to the very freedoms that are at the heart of our Nation's democracy.

I fear, and I have heard this anecdotally, that this approach of 'Washington knows best' will harm the very people that the rule seeks to help.

The current regulatory structure does not foster this type of environment, and expansive regulations being implemented only add to uncertainty.

I would encourage that we work toward a sustainable housing finance system which promotes a broader private marketplace.

These institutions are critical to the flow of credit in our communities across the Nation.

I think that we do need to have some relief for the community bankers.

I personally think that community banks should be exempted from the Basel III requirements or have a different standard because they are not global competitors.

I fear that as the CFPB drafts more regulations, this type of relationship lending will cease to exist.

If we would unleash the power of this country to really have a full and flourishing energy economy, both including in my State, coal and natural gas, but Keystone Pipeline and others, we would have thousands of people, more people working.

I would like to add my voice of concern to the previous questioner, Ms. Velazquez, on the issue of the Basel III and the effect it is having on and could have on our community banks.

I would like to yield as much time as he needs to consume to the gentleman from Missouri (Mr. Luetkemeyer), who is the primary sponsor of this bill.

The amended version of H.R. 5817 represents compromise language that addresses concerns raised by some Members about the last section of the bill, which provided certain regulatory relief to State-licensed financial institutions. The bill…

The majority of the focus on the implementation of the Volcker Rule has been on the effect it will have on Wall Street's ability to conduct trading activities.

Does the gentleman have any more speakers? I'm prepared to close if you're prepared.

I would like to yield such time as he wishes to consume to the principal sponsor of this bill, a great member of the Financial Services Committee, the gentleman from Missouri (Mr. Luetkemeyer).

I think the institutions can follow a roadmap if they can see the roadmap, and they can follow the directions if they have the directions.

I realize that. There is a lot of activity, and the colonels have done a great job.

With the court striking down the enhanced coordination procedures that were put into effect by the EPA, has there been any activity in the EPA to reconstitute these under a different form?