ICYMI: Hensarling Discusses Future of the CFPB on Fox Business
WASHINGTON–U.S. Congressman Jeb Hensarling (TX-05), Chairman of the House Financial Services Committee, recently spoke about the future of the Consumer Financial Protection Bureau (CFPB) under the leadership of Acting Director Mick Mulvaney on Fox Business Network’s Mornings with Maria.
Click here to view the video or on the photo below.
A Change in Leadership at the CFPB: “I don’t know what Ms. [Leandra] English is attempting to do, I don’t know if she is just a member of the far left trying to get a merit badge from the ‘resistance movement,’ but the bottom line is that all of the legal authority is with the President.”
Reviewing the Facts: “For two decades under the Vacancy Reform Act, the President has had the opportunity to name the interim successor. That is what the Justice Department says, it is what the Legal Counsel at the CFPB –
an Obama-appointed legal counsel – says. President Trump has the ability to name the Acting Director.”
CFPB Has Been Asleep at the Wheel: “We have an institution [CFPB] that has arguably been the most powerful, unaccountable agency in the history of our republic. They are supposed to be on the forefront of consumer protection, and they are asleep at the wheel. The Financial Services Committee investigated cases [with Wells Fargo] and we have documents showing that the CFPB was, again, completely asleep at the wheel…they were incompetent with the largest consumer protection case that they should have been involved in.”
Responding to Calls to Lead the CFPB: “You know I’m kind of happy with the job that I have at the moment. But it would be a fascinating job to have and it’s an important job to have. The bottom line is, we need consumer protection, but we have to know that the greatest form of consumer protection is competitive transparent innovative markets that are vigorously policed for force and fraud. We need an agency to enforce the law, not make the law.”
Cause of GDP Growth: “If you stop the beatings, morale will indeed improve. We have had eight years of economic regulatory beatings by the Obama Administration. We get basically a 1.5 to 2 percent GDP economy. We just merely stop the beatings and all of a sudden we have two quarters of 3 percent plus economic growth…President Trump has been more aggressive than any other President on Congressional Review Act.
“I don’t think President Trump is getting the credit he deserves in rolling back the Obama-era regulatory burden that has been crushing our community banks that has led to stagnant paychecks, dead-end jobs, decimated savings, and diminished American dreams.”
A New Day Has Dawned: [In response to colleagues and public figures being accused of inappropriate workplace behavior]
“I am the father of a 15-year-old daughter. All of a sudden, she is on the precipice of driving and dating, so I am starting to think about these things, including the day she will be in the workplace. It is shocking to see all of these revelations spread across so many different institutions and industries all over America…women have to be respected in the workplace. A new day has dawned, and a new day needed to dawn.”