[inaudible conversations] [inaudible conversations] come to order. Without objection the chair is authorized to declare a re cess for the committee atanytime. Entitled bureaucratic overreach for Consumer Protection. Examining the cfpbs latest action to restrict composition in the payments. Without objection all members have five legislative days to bmit extraneous materials for inclusion in the record. I want to recognize myself for five minutes to give an opening statement. Todays hearing, bureaucratic overreach or Consumer Protection, examining the cfpbs latest action to restrict competition in payments in my view is critical because its going to talk about this large participants in the general use of Digital Consumer payment applications market. This is the sixth lpr that the cfpb has initiated. And putting aside the egregiously short Comment Period which frustrates both members of this committee, the deep analysis which are both have become hallmarks of this administration, i find
The gym before wisconsin is recognized for five minutes. I think the chair. Let me start with you if i can, mr. Johnson. The cfpb can see that it quote lacks sufficient information of substantial number of known Market Participants necessary to estimate their larger participant status, end quote. In other words, they dont know the data can then have the data to and how Many Companies will be swept under the role. It of how much the rule really consult with the full market impacts coulde. Cfpb uscirf under cfpb. With this the unusual in your al opinion . I think would be unusual and certainly present a challenge risk. In some ways this is bureaus response to an executive order and revise guidance or omb regarding the relaxingf standards for costbenefit analysis. I appreciate that. I continue to have concert cfpb isnt doing a proper costbenefit analysis and the fact we dont have data that will be swept in and residual ethic is currently concerning. Let me continue on which if i can mr. J
Youre welcome to. With that, we stand in recess until on classified documents. This is live coverage on c span. We have mr. Brett from virginia. Mr. Hur, to the gentleman from maryland for five minutes. You, mr. Chairman and mr. Hur, we appreciate you coming in. One prelimary matter, that is the release of the transcript. I have heard complaints from my republican colleagues and releasing the the biden interview this morning. I have to note that i think there are over 90 transcripts that are being held by the majority here in the Judiciary Committee and the Oversight Committee for interviews that we all care about they go all go directly to issues with the impeachment inquiry. Kettle black to be. At that is an understatement. Also, when the Ranking Member requested the majority release the transcripts, determine object did. We can move forward in the spirit of cooperation ansharing information. Mr. Hur, thank you again for the work you did. I dont agree with everything you wrote that t
[inaudible conversations] come to order. Without objection the chair is authorized to declare a re cess for the committee at anytime. Entitled bureaucratic overreach for Consumer Protection. Examining the cfpbs latest action to restrict composition in the payments. Without objection all members have five legislative days to submit extraneous materials for inclusion in the record. I want to recognize myself for five minutes to give a opening statement. Todays hearing, bureaucratic overreach or Consumer Protection examining the cfpbs latest action to restrict competition in payments in my view is critical because its going to talk about this large participants in of Digital Consumer payment applications market. This is the sixth lpr that the cfpb has initiated. And putting aside the egregiously short Comment Period which frustrates both members of this committee, the deeply flawed cost benefit analysis which are both have become hallmarks of this administration i find the substance of pr
The gym before wisconsin is recognized for five minutes. I think the chair. Me start , mr. Johnson. The cfpb can see that it quote lacks sufficient information of â– substantial number of known Market Participants necessary to estimate their larger participant status, end quote. In other words, they dont know the data can then have the data. It of how much the rule really consult with the full market impacts could be. Cfpb uscirf under cfpb. With this the unusual in your professional opinion . I think would be unusual and certainly present a challenge risk. In some ways this is bureaus response to an executive order and revise guidance or omb regarding the relaxing of standards for costbenefit analysis. I appreciate that. I continue to have concert cfpb isnt doing a proper costbenefit analysis and the fact we dont have data that swl ethic is currently concerning. Let me continue on which if i can mr. Johns. The law authorizing the cfpb says the bureau shall consult with the federal tra