Political Quotes

“Mr. President, when we debated the Dodd-Frank bill in 2010, I concentrated most of my effort on talking about the third portion-- the third third of the bill; it is one of those several-hundred page bills again--but this was kind of hidden at the end, something called the Consumer Financial Protection Bureau, known as the CFPB. I opposed its creation during the debate. I opposed it because it is not a government agency under any way, shape, form, or rule that we have. There is no control whatsoever over this group. The makeup of the Bureau is quite unique in that a sole Director, rather than a bipartisan commission, is the singular decision maker of the agency, and it doesn't even require approval by Congress for who that person is or the length of their term. Furthermore, the Bureau is not subjected to the congressional appropriations process, having guaranteed money from the Federal Reserve to fund the agency's existence. How does that work? Well, they get a percentage of the revenue of the Federal Reserve that would normally come to the Federal Government and then be allocated. They get it before it comes to the Federal Government, so they are outside the control of an appropriations process. They have guaranteed money. Not only do they have guaranteed money, they have a guaranteed inflation factor built into their money. It is feasible that with enough inflation, they could control the entire revenue from the Federal Reserve.…”