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In less than two minutes yesterday, watch U.S. Rep. Keith Ellison (MN) give both a detailed history of the financial crisis and an impassioned defense of the CFPB, calling claims of its Congressional detractors "nonsense." Youtube video excerpt from his opening statement at yesterday's House Financial Services Committee's oversight subcommittee hearing on the Consumer Financial Protection Bureau's budget.
Excerpt from Rep. Ellison's statement (total video less than 2 minutes): “[…] If your business model is not about bilking consumers, you have nothing to worry about from the CFPB. But if your aim and your goal is to hook ‘em and crook ‘em and take advantage of consumers, of course you’re horrified. And all this stuff about, ‘Oh, yeah, they got too much authority, they take in too much money, we can’t talk to them, we can’t control them,’ this is all nonsense.[…]”
At the hearing, CFPB director Rich Corday was the only witness. The full hearing video and his testimony are available here. As expected, no CFPB opponent was able to make any legitimate argument that the CFPB should be defunded, defanged or delayed.
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