[inaudible conversations] [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 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 deeply flawed cost benefit analysis which are both have become hallmarks of th
Feel free to respond in writing on that question. As you know we do have votes on the floor and we will take a recess for not less than five minutes and we will come back and finish up her questions and we think the panel for excellent testimony. We are in a recess for five minutes. I want to thank all of our witnesses for being here and i recognize opening comments. The gentleman from wisconsin is recognized for five minutes. I think the chair and let me start with you if i can come mr. Johnson. Cfpb can see that it lacks sufficient information of substantial number of known participants necessary to estimate their larger participant status. In other words, they dont know have the data to know how Many Companies will be swept under the rule and they dont know how much it costs or what the impact could be. You served as cfpb under a Previous Administration but does moving forward without adequate data, is it something usual . I think it would be unusual and certainly present a challeng
So this is much bigger than a motion to vacate where eight were eight republicans aligned with 208 democrats to remove the House Republican speaker. To me, this is about a lot more than that. Announcer Consumer Financial Protection Bureau director rohit chopra talked about Financial Systems and Digital Currency, including the evolution of Digital Payment systems, control over the flow of money, ecommerce, and data privacy. From the brookings institution, this is 40 minutes. If everyone could take their seats, were going to keep the program rolling. Rolling, rolling, rolling. It is that was a lively and fantastic first panel that cover the waterfront, from credit card reward points to cryptocurrency, from payment nerds to real life, what do you do when you need to access your money. And real life is really the focal point of our next speaker. Director rohit chopra has been running the cfpb. And i like to say whether you agree or disagree with what the cfpb is doing, they are doing. And
Whats in it. The cash you carry around may be less and less useful. Because a growing number of restaurants and some other retailers are saying, no thanks, to your dollar bills. They just want you to pay another way. And its this weeks cover story. Avocado . If youre hungry for lunch at this restaurant, you better bring a credit or debit card. When Michael Kaplan opened two forks in new york one year ago, he accepted cash the first few weeks. We were noticing with every cash transaction, the payment process was slowing down significantly. After doing some research and seeing that generally, everyone was paying with credit cards anyway, we thought that that was a good next step. He made his restaurant cashless. No cash allowed. I dont really carry cash so i think its great because it makes everything go a lot faster. I think its great. But what if someone only has dollars . Real money . Maybe one person is like, they go for the cash instinct and theyre like, youre cashless . And like, y
Future. We begin with your wallet and whats in it. The cash you carry around may be less and less useful. Because a growing number of restaurants and some other retailers are saying, no thanks, to your dollar bills. They just want you to pay another way. And its this weeks cover story. Avocado . If youre hungry for lunch at this restaurant, you better bring a credit or debit card. When Michael Kaplan opened two forks in new york one year ago, he accepted cash the first few weeks. We were noticing with every cash transaction, the payment process was slowing down significantly. After doing some research and seeing that generally, everyone was paying with credit cards anyway, we thought that that was a good next step. He made his restaurant cashless. No cash allowed. I dont really carry cash so i think its great because it makes everything go a lot faster. I think its great. But what if someone only has dollars . Real money . Maybe one person is like, they go for the cash instinct and the