Washington, DC – Congressman Robert Hurt (R-Virginia) released the following statement following a House Financial Services Committee hearing to review and discuss the semi-annual report from Consumer Financial Protection Bureau (CFPB) Director Richard Cordray:
“One of the most important responsibilities I have as a member of the Financial Services Committee is holding the federal agencies under our jurisdiction accountable to the American people. It is our job to ensure these agencies protect Americans’ hard-earned tax dollars.
“The CFPB, which was created by Dodd-Frank, is an agency that defies the basic principle of separation of powers and is equipped with unprecedented authority over America’s financial system. On a semi-annual basis, CFPB Director Richard Cordray reports to our committee to provide an update on the agency so that we may ensure that every action taken by the agency is done so in the best interest of the American people.
“I remain committed to appropriate consumer protections, which are best achieved through legislative reforms and not by empowering one unaccountable individual with such a crucial task. At a time when the unemployment rate in several areas of Virginia’s Fifth District remains above ten percent, we must focus on implementing policies that will strengthen our economy – not those which will further restrict economic growth. Today’s oversight hearing put us one step closer to ensuring that we are not expanding government to interfere with job creation and carry out failed policies in Dodd-Frank.
“I look forward to continuing my work on the Financial Services Committee to implement commonsense policies in tandem with the crucial goal of getting our fiscal house in order and getting Fifth District Virginians and America back to work.”