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Thursday, September 12, 2013

Hensarling Comments on CFPB

In his opening statement, House Financial Services Committee Chairman Jeb Hensarling noted that ”the CFPB was designed to operate outside the usual system of checks and balances that applies to almost every other government agency.” Hensarling stated that the agency is not accountable to Congress, the executive branch, and the courts. Hensarling noted that the CFPB Director has been granted unilateral, unbridled and unparalleled powers. Hensarling concluded: “When it comes to true consumer protection, and when it comes to the Consumer Financial Protection Bureau, this committee will do everything we can to demand the highest levels of accountability, transparency and answers.”

See Hensarling's opening statement.

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