Consumer Financial Protection Safety and Soundness Improvement Act of 2013

Floor Speech

BREAK IN TRANSCRIPT

Mr. MULVANEY. Mr. Chairman, I rise today in support of H.R. 3193 which, amongst many other things, replaces the single Director with a five-member commission.

I would remind my friends across the aisle that this brings the bill into the original spirit of Dodd-Frank, which, when it left this House several years ago, had eventually a five-member commission. All we are trying to do is get back to that original intention.

Further, during the discussions in committee, we focused on the membership of that commission and how it would be a decent idea to have people who are on the commission who actually knew something about the industries that they were regulating.

For example, the CFPB regulates insured banks, non-depository financial institutions, credit unions, all of which are very unique. Wouldn't it be nice to actually have folks regulating those industries who knew something about them?

This is not rare in the world of regulation. The FDIC, which oversees State banks, has been required to have someone on its commission for years who actually has experience regulating State banks. It has not been a problem for the FDIC, and it would not be a problem for the CFPB.

We need to pass this bill for a variety of reasons but, first and foremost, we need to replace the single Director with a five-man commission, and for that, I hope that we pass the bill.

BREAK IN TRANSCRIPT

Source