OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Consumers First Act

Floor Speech

By: Ted Budd
By: Ted Budd
Date: May 22, 2019
Location: Washington, DC
Issues: Finance and Banking

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Mr. BUDD. Mr. Chair, I thank the gentleman from North Carolina (Mr. McHenry), the ranking member, for yielding.

Mr. Chairman, I rise today in strong opposition to H.R. 1500. It is deceptively, and yet cleverly, named the Consumer First Act.

Let's talk some facts.

House Financial Services Committee Republicans have been trying for years to increase transparency and accountability at the CFPB. We have tried to create an Office of the Inspector General for that purpose. We have also tried to bring accountability by subjecting the CFPB to the appropriations process. Yet, despite our attempts, we have been met with opposition every single time to what used to be a bipartisan goal.

Now, today, we see a bill that my friends on the other side of the aisle are pushing that would undermine our previous efforts to shine some daylight on this agency. Rather than working with us to reform the agency and its authorities, and rather than working with us to avoid constant partisan policy shifts from Director to Director, rather than working with us in a bipartisan manner, the majority is choosing to move legislation today that simply advances their own political agenda.

Mr. Chair, I oppose this bill.

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