Rep. Shelley Moore Capito (R-WV), the new chief of the House Financial Services subcommittee on financial institutions and consumer credit, didn’t hold back her disapproval regarding certain aspects of the Dodd-Frank financial overhaul bill in an interview with Dow Jones Newswires’ Maya Jackson Randall. Capito echoed the sentiments of many of her GOP colleagues, stating that she hopes aspects of the bill will be reexamined or even altered all together. Here are some excerpts from the Q&A interview:
On the Consumer Financial Protection Bureau (CFPB):
“…the fact that there’s not enough congressional oversight over the CFPB now and in its future, whether it’s the funding mechanisms or who that person who’s the head of that is really going to answer to. I think there’s a lot of question about timing issues. We’re looking at a July start date for this. There’s been no appointment, there’s been no … any action of Senate confirmation, and that’s worrisome not just from a congressional standpoint but that’s what we’re hearing about from our constituents – where’s the enforcement mechanism?”
On the Possibility of Consumer Advocate Elizabeth Warren Being Nominated as CFPB Director:
“I think it would be unwise for the president to go that direction. I don’t think that she could get Senate confirmation… I mean my opinion is if this is such a great thing then you should be able to get a great person to run it who doesn’t have the controversy, so I don’t think it would be. It’s not a personal thing.”
On Efforts to Delay Implementation of the Fed’s Proposed Debit Interchange Regulations:
“I think there’s a lot of uncertainty around the whole issue. Its unintended consequences haven’t been fully explored. Reasonable and proportional costs, I think, in the testimony it came out maybe not all things have been considered…And it’s a difficult issue because it’s all in the name of the consumer, where I think the consumer could be very hurt by this or not, and so we need to make sure we know the answer to that question – whether they’re still going to remain banked, whether debit cards are going to become more expensive, whether there will be limits on them, what kind of constraints are the banks going to put forward to recoup their costs, and then on the merchant side, we want to make sure since it’s a huge growing part of the market.”
Click here to read the full interview.
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