At a town hall event on Monday, Rep. Byron Donalds (R-FL) was asked about eliminating the CFPB.
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00:00Next, why does the administration want to eliminate the Consumer Financial Protection Bureau, CFPB, when the risk of fraud is so-called?
00:11So you're a member of Congress, a citizen of the Financial Services Committee. During the third doctrine of the financial collapse, this bureau was created called the Consumer Financial Protection Bureau.
00:32Not everybody in the world may know that, so I'm giving some background information. This agency was created at a time when the desire to save the economy from big banks was to bring more regulation into the banking industry and create a new agency, which was called the CFPB, the Consumer Financial Protection Bureau.
00:56The CFPB was designed specifically to not, and I stress to not, get appropriations from Congress. It was designed to go to the Federal Reserve through the back door with a letter basically saying, we need this much money to operate, give it to us.
01:12That is the only agency in the federal government that was ever set up this way. So, if you're going to ask me, if you're going to ask me, the question is about the CFPB, if you want to talk about the Fed, you can get there too.
01:26So the question about the CFPB is, is it a constitutional agency? This is an agency that has little to no oversight from Congress, because it doesn't get its money from Congress, it gets it from the Federal Reserve.
01:41I want to let you know. I want to let you know that it's not just the administration that wants to get rid of the CFPB. I want to get rid of the CFPB.
01:48I want to let you know that it's a real-looking agency that doesn't do its job.
01:54I want to let you know that it's a real-looking agency that doesn't do its job.
02:04of the sponsor in the Senate. Before Dodd-Frank, consumer protection was housed in every agency
02:14of the federal government. It had oversight from Congress, direct oversight, in terms
02:19of appropriations and in terms of accountability. Dodd-Frank stripped all of that and stuck
02:24it into the CFPB. So again, we have to be intellectually honest. Are we going to have
02:30an agency, are we going to have an agency that has no oversight or basically no control
02:37from the people's rents or just Congress? I say no. And so it should be repeated. It is
02:44a terrible agency. What the CFPB does today, do you want to know how the CFPB operates today?
02:51Because I want to put in, I want to tell you. How the CFPB operates today is that it will
02:57put out a notice to various industries and it actually tries to force compliance in these
03:04industries with no accountability, not following the Administrative Procedures Act. And companies
03:09just hop to it because they're afraid of being fined by the CFPB and there is no recourse
03:14with the CFPB. Because if you're a company and you're fined by the CFPB, where are you going
03:19to go? Congress? Congress has no oversight of doing it. So why would you allow an agency
03:26like Bush to exist? It is unconstitutional in my view. And so it should be repeated.
03:38You know, the beauty of a constitutional republic is we get to have these very vigorous debates
03:48of disagreements. But I will, and here's what I will tell you, here's what I will tell you,
03:53in all my time in elected offices before that, even though I disagree with you, I will respect
03:59your opinion, but I will still disagree with you.
04:06You know, you have great time.