Released by the office of U.S. Congressman Jeb Hensarling
WASHINGTON – U.S. Congressman Jeb Hensarling (TX-05), chairman of the House Financial Services Committee, announced this week that the committee would not recognize President Obama’s unconstitutionally appointed czar:
“No unelected Washington bureaucrat should have the power to decide whether a family in Mineola can obtain a mortgage, a factory worker in Jacksonville can get a car loan, or a farmer in Athens can have a credit card in order to buy feed.
“Unfortunately, that is exactly what the benignly named ‘Consumer Financial Protection Bureau’ (CFPB) was designed to do. Dodd-Frank gives the CFPB director unprecedented control over the financial destiny of Americans with virtually none of the checks and balances that apply to other government agencies.
“Not only does this agency represent an assault on the fundamental economic liberties of American consumers, but a federal court recently ruled that the process President Obama used to appoint its director was unconstitutional.
“By law, the Financial Services Committee – which I chair—can only receive testimony from a director who is appointed in accordance with the Constitution and the law. That is why I announced this week that the committee will continue to conduct rigorous oversight of the CFPB, but we will not recognize President Obama’s unconstitutional appointment.
“As long as I am chairman of the Financial Services Committee, we will follow the law.”