Thursday, September 20, 2012

Consumer Financial Protection Bureau semi-annual report


CFPB Director, Richard Cordray, Testifies Before House Committee

Congressman Robert Hurt (R-Virginia) today released the following statement after the House Committee on Financial Services conducted an oversight hearing to review and discuss the semi-annual report from the Consumer Financial Protection Bureau with Director Richard Cordray. Created as a result of Dodd-Frank, the Consumer Financial Protection Bureau is a new and powerful federal agency that is unaccountable to the American people:

"As a Committee, it is our duty to conduct the necessary oversight to hold the CFPB accountable to the taxpayer and today's hearing was one effort to further that goal. While the agency's Director has been given unprecedented powers to limit consumer choice, reduce credit to our small businesses, and increase the cost of credit, we must ensure that any action taken by the agency is done so with the best interest of the American people in mind. My House colleagues and I remain committed to enhanced consumer protection, and maintain that this is best achieved through legislative reforms and not by giving unlimited powers to any one individual. At a time when so many are out of work, our focus should not be on expanding the government to interfere with job creation and carry out failed policies like Dodd-Frank; rather we should be focusing on implementing pro-growth measures to address our jobs crisis and get 5th District Virginians and Americans across this country back to work."