would be facing enormous political pressures and following a precedent. the fact is that the right wing hate the idea of consumer protection and exaggerate it. it s ideological with them, lawrence. it s the people to whom the idea that there could be flaws in capitalism is deeply disturbing. dick durbin, a great leader on the issue, said they hate it like the devil hates holy water. that s a very good analogy. do they believe in your private conversations with them that bankers are mononorible men? yes. they want to do well. they are trying. and they also believe that you re paid too high a price if you stop the mistakes because good things won t happen. all of the bank agencies have this independence. the control of the currency, the federal deposit and the federal reserve. none of them are subject to appropriation and none headed by people out of office when the president changes. despite that, the right wing,
that s a very good analogy. do they believe in your private conversations with them that bankers are mononorible men? yes. they want to do well. they are trying. and they also believe that you re paid too high a price if you stop the mistakes because good things won t happen. all of the bank agencies have this independence. the control of the currency, the federal deposit and the federal reserve. none of them are subject to appropriation and none headed by people out of office when the president changes. despite that, the right wing, they have never in all the years i know it complained about the control of the currency which is structured very much like the consumer bureau. that is cover for their dislike of the consumer bureau. so then they argue, you know what? because it s not subject to appropriation, it s out of control. you heard that. yes. out of control. what you haven t heard, i worked hard for this, a single example that they give of misbehavior by that agency. the
point. the context is very important. when we created the consumer financial protection bureau, we took consumer protection from all the other bank agencies, consumer protection was an afterthought to the main issue of every other bank agency. counter intuitively the regulator with the most statute authority was the federal reserve. i think highly of what they have done in many areas but no, they re not up there to protect the people diddled from wells fargo center. they don t have contact with consumers. they have a consumer bureau but it s look. we asked them at one hearing when some of them contesting this, we tried to review the record. there was no evidence that consumer matters have ever been discussed at a meeting of the federal reserve board of governors. this seemed fairly conclusive. so we wanted to set up this agency but we understood that it