3/16/2011
Before the House Subcommittee on Financial Institutions and Consumer Credit Committee on Financial Services
I. Introduction
Thank you Chairman Capito, Ranking Member Maloney, and members of the Subcommittee for inviting me to testify about the work of the Consumer Financial Protection Bureau (CFPB). This is my first opportunity to report to Congress formally about the significant progress we have made in bringing to life the CFPB. While we have miles to go, the path ahead is straight and clear.
Let me begin with a personal note. Were it not for the importance of oversight, I would not be here today for more than one reason. Not only do those of us who are working to stand up the CFPB believe in oversight - by the public as well as Congress - but my own public service began almost two and a half years ago when Congress asked me to engage in direct oversight as Chair of the Congressional Oversight Panel (COP). At the COP, we worked to produce detailed monthly reports for you about the activities and policy choices made by the Department of the Treasury as it administered the Troubled Asset Relief Program. I also came to Capitol Hill on many occasions to testify on behalf of the COP and to answer your questions and discuss other lines of research to pursue on your behalf. From these experiences, I understand - and greatly appreciate - the important role of oversight.
Since taking over the job of putting together the new bureau, I have had more than sixty one-on-one conversations with Members of Congress, exploring a number of different questions and suggestions in detail. I am pleased to have this chance to appear before you today to update you on our progress and to talk with you more in this forum. I also look forward to continuing this conversation with you and your colleagues in Congress in the weeks and months ahead.
In June 2009, the House Financial Services Committee invited me to testify about the CFPB for the first time. My testimony described in great detail the advantages of bringing greater transparency and streamlined disclosure to the consumer financial markets. During the question-and-answer segment of the hearing, members of the committee - many of you here today, from both parties - praised transparency as a valuable goal and asked how a consumer bureau could focus on that objective. Today, we are pleased to report that we firmly believe in the importance of making prices clearer, making risks more obvious, and cutting back on the fine print and legalese that can make it impossible for families to compare a mortgage or credit card with two or three others. We are here to serve the American people by making sure the consumer financial markets work for them. (continued)
Source: Treasury Department
