releases: https://www.scott.senate.gov/media-center/press-releases/ranking-member-scott-presses-director-of-consumer-financial-protection-bureau-on-oppressive-financial-policy-attack-on-free-markets/
Data license: MIT · Data source: dwillis/congress-press
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| https://www.scott.senate.gov/media-center/press-releases/ranking-member-scott-presses-director-of-consumer-financial-protection-bureau-on-oppressive-financial-policy-attack-on-free-markets/ | Ranking Member Scott Presses Director of Consumer Financial Protection Bureau on Oppressive Financial Policy, Attack on Free Markets | 2023-11-30 | 2023 | 2023-11 | Republican | Senate | SC | Tim Scott | S001184 | www.scott.senate.gov | timscott | https://www.scott.senate.gov/media-center/press-releases/jsf/jet-engine:press-list | scraper | At today’s Senate Committee on Banking, Housing, and Urban Affairs hearing with Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra, Ranking Member Tim Scott (R-S.C.) held the CFPB accountable for its abuse of enforcement powers and rulemakings driven by politics instead of policy, all of which continue to stifle innovation and harm American families and small businesses. In his opening statement, Ranking Member Scott noted that despite members calling on Chopra to reverse course, the agency has continued to abuse its authorities and propose regulations that reduce access to credit, limit consumer choice, and discourage financial responsibility. Ranking Member Scott concluded by reminding Director Chopra of his responsibility – as a member of the Federal Deposit Insurance Corporation (FDIC) Board – to ensure all FDIC employees are treated with dignity and respect in light of recent reports of a toxic work culture at the FDIC. Ranking Member Scott’s opening remarks as delivered: Thank you, let me start off by saying, it’s certainly good to be back with the committee. I want to thank my members, fellow members, for their support, specifically in particular Senator Rounds for all of his support during my absence. I would also like to welcome our newest member, Senator Butler to the committee. Now turning back to business, just two weeks ago, our financial regulators testified before this committee and faced bipartisan concerns about the impact on everyday American families that these misguided and partisan regulatory proposals would have if implemented as proposed. While those “independent” regulators have become increasingly politicized under the Biden administration, the CFPB has a much longer history of skirting statutory mandates and avoiding congressional oversight. Director Chopra, you know these concerns well and you’ve heard from me about those concerns, you’ve heard from my fellow members of the committee, as well as House colleagues. And yet, the CFPB is no more accountable today than it was at its inception – and I fear under your leadership, the agency is straying even further from its mandated mission. The abuse of enforcement powers, rulemakings driven by politics instead of policy, and a lack of oversight – which only leads to less economic opportunity – have become hallmarks under your leadership. The law is clear. When it comes to consumer finance, the CFPB should consistently and fairly enforce federal consumer finance law; safeguard access to markets for consumer financial products and services; and ensure that such markets are fair, transparent, and competitive. Sadly, the CFPB’s actions don’t match up with its mandate. Under your leadership, the CFPB has operated in blind pursuit of additional power and has become the hallmark of government overreach – to the point where I am concerned the Bureau is doing more harm to consumers than good. That is why in July, I led a bicameral group of 132 members of Congress in filing an amicus brief to the Supreme Court, urging the Court to affirm the lower court’s decision that the CFPB’s funding structure is constitutionally defective. When you last testified before us in June, we discussed your efforts to regulate through speeches and blog posts, your public pressure campaign on fee income, and your attempts to stifle innovation. Instead of correcting course, it seems that you have only accelerated towards the exact opposite direction of your statutory mission. | 1 | 2026-03-30T01:40:41Z | 2026-04-06T18:49:58Z |