Against adam shift for conduct that misleads the american people. Watch live coverage of the house at noon eastern here on cspan. We take you live to testimony from Consumer Financial Protection Bureau director khoep a. Hes testifying today on the Digital Economy a Consumer Protection before the House Financial Services committee. We join this in progress. Mr. Sherman credit repair scams are not just annoying television commercials. They charge you a lot of money. They just blanketly contest everything on your Credit Report. Your credit score goes up for a little while until they realize that most of those entries were accurate and it goes back down. What are you doing to deal with the scheme where you get your Credit Report improved for a little while . We are looking hard at all the ways in which consumer Credit Report issues can spawn scams. We have brought a number of Enforcement Actions here. We do work with the federal trade commission, state a. G. s to bring action. We dont want
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
You know section 342 that created the office and part of the thing that we have struggled with is the whole reporting authority and the standards for reporting back what those federal regulation officers are doing. Do you have any insight on the program . I think it is important for countries to take a look at their own debt. And its time for us to look in the mirror and address our own problems, including the 18 trillion in debt that we have accumulated at this time. The Federal Reserve has employed and i will say exceptionally accommodated monastery Monetary Policy to spur Economic Growth, but we are now nearly seven years out with the federal funds rate still at the down. The quantitative easing have made it much easier and certainly has solve our longterm debt problem. And both you and your predecessor have argued that the fiscal reform is important over the long term. However, you also stated that the fiscal prudence can be ignored in the short term does not hamper the economic re
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