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CFPB Ducks and Weaves At Hearing

“Not Fooling Anyone,” says Free-Market Activist

Published Tuesday, April 8, 2014
WASHINGTON, D.C. -- Today, the House Financial Services Committee held an oversight hearing regarding the operations of the Consumer Financial Protection Bureau (CFPB).  Despite their promises of transparency, the CFPB was once again reluctant to be forthcoming and clear with answers to questions from both Democratic and Republican lawmakers.  On issues related to criteria used to target investigations of financial businesses, inappropriate pressures being brought to bear on banks, and the unprecedented action of paying for audience members to attend CFPB hearings in order to speak in support of CFPB policies, panelists were unwilling to provide in-depth answers to congressional questions.

Andrew Langer, President of the Institute for Liberty, an organization active on issues related to the CFPB, said the following:

“This hearing added nothing to the attempt to shed some light on the opaque operations of a hugely powerful regulatory agency, except to make it clearer than ever that this is an agency fundamentally out of control.  Oversight only works when agencies are forthcoming and cooperative.  CFPB was anything but.  They’re not fooling anyone, though. More and more people are becoming aware of the mess of the CFPB.”

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