Regulation is 1. 9 trillion to 1. 9 trillion. These businesses pass on the cost of these regulations in the price of there products. Families are spending about 15,000 a year for businesses to comply with government regulation. I am sure that we can agree mr. Chair, the businesses need to be fairly regulated. But when those regulations are killing jobs that is just not right. Several years ago in aa highly partisan vote with very little republican support for 2300 page. Dot frank bill was passed and since then theyre have been mountains and mountains of regulations and rules designed to smother our Financial Services industry. One part of dodd frank is a great concern of mine the too big to fail regulation. Now, when f soc is trying to determine what bank and other nonfinancial institution should be designated too big to fail it means that the taxpayers we will have to step in and bail them out. We all no theyre is a huge difference. They handle their retirement the Retirement Savings
The Mortgage Market issues where you wall discuss time to time whether allies have gone too far, whether theyve gone far enough. How can we answer questions at that data on the marketplace. That is different from a wind data on what senator vitter does. Personally identifiable data. We have personally identifiable data and consumer response where consumers can this data so we can work on their complaint and family constituents to your office collect personal viable data appeared to we. You dont collect any of that . For example we do not have address, Social Security number, account number. We are interested in the pattern of what goes on in the market. Too collected before you scrub it . We ask the data to be scarred for comes to us. Depends on which data. We will have a full briefing on this. Somebody involved in the process . Typically described before it gets to the agency. Private companies have all the data. They care very much like you and i do and theyre always marketing on tha
Subpar and illegal practices and providing almost 200 million in redressed 1. 6 million consumers. We have now handled, as we have mentioned, 650,000 complaints, a matter that is particularly important to us. This includes all manners of Financial Products and services. This includes each of the states. One excerpt from a Service Member in alabama reads that we open an account we became unable to pay the full amount and we made it an agreement to pay a lesser amount and campaign by allotment. And i was not served with the judgment prior to court or after, i was informed of it when my wages began to be garnished and we have asked to have this issue fixed. We have paid this company for a computer hutch, table and chairs, and the furniture has not lasted, however the payments continue. We need assistance as we have tried every other step possible. And another excerpt in my home state of ohio and ranking members home state reads that i elected to a reduced rate payment plan with a Student
The door is an excellent door. Its very well fortified, and its completely deployed. Its everywhere. The one vulnerability is this period of time when you have to leave for essential purposes, even passing meals or access the bathroom on the aircraft. Even if its for a very short period of time, and we take steps to make sure its for the shortest period possible, that period is when were most vulnerable. The installing of a very costeffective barrier, were talking 5,000 to 12,000 per aircraft once installed, its forever, no operating cost of it you can almost completely if not completely eliminate that risky period of time. Do you know what they look like . Ive seen some renderings, but is it a full door, or screen or what . Yes sir, its a wire mesh retractable, lightweight and its inexpensive as i mentioned. It goes from the floor to the ceiling of the cabin and its installed after the cockpit door, but before the passenger cabin. So as you enter an aircraft, normally you see the cock
Spends its funds because the cfpb operates outside of the appropriations process. Even the Federal Reserve which funds the cfpb from its earnings does not control the bureaus budget. Because congress cannot tighten the financial reins when Budgeting Issues arise the bureaus current structure makes meaningful congressional oversight very difficult. Socalled independence is one reason cited by the authors of dodd frank for the bureau structure. But other independent agencies such as the securities and exchange commission, the cftc, the ftc, and the cpsc are all subject to the appropriations process. Additionally, the bureau does not even have its own office of Inspector General, relying instead on the Inspector General of the Federal Reserve. Some of us have urged the adoption specific reforms to make the bureau more accountable, and more transparent. Putting the bureau through the appropriations process and establishing a board of director i believe it would resemble other agencies and