Blaine Luetkemeyer

Mr. LUETKEMEYER

Mr. LUETKEMEYER. Mr. Chairman, may I ask how much time I have left.

Mr. LUETKEMEYER. Mr. Chairman, I yield 15 seconds to the gentleman from Georgia (Mr. Graves), chair of the Financial Services and General Government Subcommittee.

Mr. LUETKEMEYER. Mr. Chairman, I claim the time in opposition to the amendment.

Mr. LUETKEMEYER. Mr. Chairman, how much time do I have remaining?

Mr. LUETKEMEYER. Mr. Chairman, in June, the House passed H.R. 10, the Financial CHOICE Act, with overwhelming support. Section 713 of the Financial CHOICE Act contained language to subject the CFPB to the annual congressional appropriations process. Under the Dodd-Frank Act, the CFPB is funded out of the earnings of the Federal Reserve system. In order to obtain funding, the Director need only submit a letter to the Board of Governors and Federal Reserve each quarter certifying the amounts of funds determined by the Director to be reasonably necessary for carrying out the authorities of the Bureau. The Federal Reserve then transfers the stated amount to the Bureau for operations. Basically, the Federal Reserve serves purely as an ATM machine for the CFPB, and neither Congress nor the President has the ability to have any input into the Bureau's funding or oversight of whether that funding is spent effectively. The Bureau's funding is, therefore, different from other regulators that police markets for force and fraud, including the Federal Trade Commission, the Securities and Exchange Commission, Consumer Product Safety Commission, Commodity Futures Trading Commission, and all those which are funded principally through congressional appropriations. To return to a constitutional structure and create agency accountability, Congress must reclaim its power of the purse over the most potent tools the Constitution gives Congress for conducting oversight of Federal agencies and implementing the real reforms. There can be no consent of the governed if the American people, through their democratically elected Representatives, have no say in how their government spends their hard-earned dollars. To reassert Congress' power of the purse, the Financial CHOICE Act calls for all the Federal financial regulatory agencies, including the CLEA and FSOC, to be funded through the congressional appropriations process, ensuring that these agencies use their funding effectively and transparently to fulfill their mission of protecting consumers and investors. Like other executive branch agencies and other regulators that police the markets, the CFPB will have the chance to justify its expenditures to Congress as a part of the appropriations process. Congress can continue to fund programs that provide value to consumers and can stop funding programs that are mired in waste, fraud, and abuse. This is a basic accountability measure, no more, no less. It seems my good colleague across the aisle is fearful that we may do something to harm that ability. He is afraid of providing accountability for those dollars. That is our basic function and it is our responsibility. We must not miss this opportunity to reestablish separation of powers and restore the constitutional governance to the administrative state. Mr. Chairman, I reserve the balance of my time.

Mr. LUETKEMEYER. Mr. Chairman, I yield 30 seconds to the gentleman from Georgia (Mr. Graves), the distinguished chairman of the Financial Services and General Government Subcommittee.

Mr. LUETKEMEYER. Mr. Chairman, I rise in opposition to the amendment.

Mr. LUETKEMEYER. Mr. Chair, I yield myself such time as I may consume. Mr. Chairman, this amendment strikes a provision that subjects the National Credit Union Administration to the annual congressional appropriations process. My point this afternoon is that Congress must restore its power of the purse, one of the most potent tools the Constitution gives Congress for conducting oversight of Federal agencies and implementing reforms. There can be no consent of the governed if the American people, through their democratically elected representatives have no say in how their government spends their hard-earned dollars. We must not miss the opportunity to reestablish separation of powers and restore Article I authority, which Congress has given away in so many instances that the administration now has more power than the legislative branch. The NCUA is a prime example of why it is time to reassert Congress' power of the purse. Accountability and transparency was so lacking under former Chairman Debbie Matz' tenure that, over the course of her tenure, the NCUA budget increased each year, in some cases by double- digit percentages. The Financial Services Committee, in fact, was forced to hold a public hearing during the 114th Congress. NCUA should not be singled out to avoid accountability to Congress. The CHOICE Act, which was passed by the House with overwhelming support--and the Congressman from Nevada's support as well--subjects all Federal financial regulators to the same congressional appropriations process, including NCUA. There is no reason to single out the NCUA for different treatment from all other regulators, all of whom the House has already voted on to put on appropriations just 3 months ago. Mr. Chairman, I yield back the balance of my time.

Mr. LUETKEMEYER. Mr. Chairman, I yield myself such time as I may consume. Mr. Chairman, in June, the House passed H.R. 10, the Financial CHOICE Act, with overwhelming support. Section 733 of the Financial CHOICE Act contained language to remove the CFPB's authority to regulate small- dollar credit. Federalizing payday loan regulation is unnecessary and harms consumers. The legislatures of several States have determined the respective short-term small-dollar lending solutions that work for their constituents. No State is without small-dollar short-term lending laws and regulation of some kind. Congress has an obligation not to suspend the Democratic process in the States by delegating to the CFPB Director the authority to impose one unelected man's view on all Americans. Small-dollar and payday loan products are an unfortunate necessity for many unbanked and underbanked Americans. What is the APR for losing a job, Mr. Chairman? What is the APR for getting evicted and having your utilities shut off? What is the opportunity cost for struggling Americans no longer having access to this vital lifeline? Removing the option to utilize a small-dollar short-term loan is likely to have a very real and very harmful impact on a consumer, forcing them to miss bill payments, shift to the alternative, potential legal options, or exacerbating any number of other conceivable financial emergencies that could arise. Mr. Chairman, I believe the best way to improve products is to promote competition and offering them, not ban them. The Financial CHOICE Act ensures that the market, not the regulators, is responsible for determining product viability in the marketplace. Mr. Chairman, CFPB's own study showed that their regulation was going to drive out of business 85 percent of the small-dollar lenders, and they still went ahead. They don't care. They intend to restrict credit to these very people that need the credit. An FDIC 2015 study shows that 25 percent of the people in this country are either unbanked or underbanked. How do we solve that problem? How do those folks have access to credit? The CFPB is not trying to regulate. They are trying to destroy the small-dollar lending market. Mr. Chairman, I reserve the balance of my time.

Mr. LUETKEMEYER. Mr. Chairman, I yield myself the balance of my time. Mr. Chairman, this is really frustrating to me from the standpoint that just a minute ago I gave the figure of 25 percent of our people are either unbanked or underbanked. My good colleague across the aisle said he is not worried that people who are unbanked can't have access to payday lending or short-term lending, and that is just not accurate. That is, quite frankly, in many instances, where people get their credit started. They go to someplace like this because they have a job. You can't get a payday loan or a small-dollar loan like this unless you have a job. They take the stub of their paycheck and they can go in and say, I have got a job. From there, they are able to then start paying back whatever the loan is that they take out. I have in front of me also a whole list of groups of folks and individuals here who have utilized short-term small-dollar programs. Here is Michelle from Fulton, Missouri, in my own district. She says: My frustration to loan access today is that my 20-year-old daughter, who has a full-time, decent-paying job, cannot get a loan to buy her first vehicle. She isn't even able to get a credit card, which you used to be able to just apply for and you would get it. It is a catch-22: you need credit to get credit. But nobody will give you credit to begin with. This is an opportunity for a lot of people to get their foot in the door to get credit established and, if you have bad credit, to reestablish good credit. And it also helps people to take care of--and I have another whole bunch of stories here about a young man who needed to get a car loan to get his car fixed, as the gentleman from Minnesota indicated. So, again, Mr. Chairman, I oppose the gentleman's amendment, and I ask everybody else to do so as well. Mr. Chairman, I yield back the balance of my time.

Mr. LUETKEMEYER. Mr. Chairman, I claim the time in opposition to the amendment.

Mr. LUETKEMEYER. Mr. Chairman, I yield 1 minute to the gentleman from Kentucky (Mr. Barr).

Mr. LUETKEMEYER

Mr. LUETKEMEYER. Mr. Speaker, I rise today to ask my colleagues to join me in congratulating the Jefferson City Jays' Baseball Team on their first place win in the 2017 Missouri Class 5 Baseball State Championship. This team and their coaches should be commended for all of their hard work throughout this past year and for bringing home the state championship to their school and community. The team members include senior players Cole Ahrens, Kade Franks, Hayden Hirschvogel, Gaven Strobel, Gunnar See, Jacob Weirich, Brandon Williams, and Grant Wood. The junior players include Nolan Binkley, Tyler Bise, Payton Bodenstab, Cade Galbraith, Mason Hansen, Reece Neighbors, Michael Skinner, Ryan Sturm, Joseph Travis, and Chad Volmert. The sophomore players include Landon Dunlap, Tucker Schwartz, Jack Shinkle, Blake Terry, and Justin Wood. The coaches that led this team to victory are Head Coach Brian Ash and Assistant Coaches J.R. Simmons, Kyle Lasley, Jim Womack, Steve Lochhead, and Brett Skinner. Throughout this winning year, the Jays had a record of 31 wins and 2 losses. Additionally, they received a ranking of No. 1 in Missouri and No. 18 in the nation by Baseball America Sports Writers. This state championship win was the first Jays baseball state title in 28 years. The team and the Jefferson City community are particularly proud of Head Coach Brian Ash and Assistant Coach J.R. Simmons. Coach Ash has been honored as the USA Today Missouri Coach of the Year as well as the National High School Coach of the Year by the American Baseball Coaches Association. Assistant Coach J.R. Simmons has been honored as the Regional Assistant Coach of the Year by the National High School Baseball Coaches Association. These awards are a testament to the dedication these coaches have to their team and their sport. I ask you to join me in recognizing the Jefferson City Jays' Baseball Team for a job well done.

Mr. LUETKEMEYER

Mr. LUETKEMEYER. Mr. Speaker, I rise today to ask my colleagues to join me in congratulating Natalie Basham of the Camdenton Lakers for her first place win in the 100 Meter Hurdles at the 2017 Missouri Class 4 Girls Track and Field State Championship. Natalie and her coach should be commended for all of their hard work throughout this past year and for bringing home the state championship to their school and community. I ask you to join me in recognizing Natalie Basham on a job well done.

Mr. LUETKEMEYER

Mr. LUETKEMEYER. Mr. Speaker, I rise today to ask my colleagues to join me in congratulating Mikayla Reed of the Washington Blue Jays for her first place win in the 1600 and 3200 meter run at the 2017 Missouri Class 4 Girls Track and Field State Championship. Mikayla and her coach should be commended for all of their hard work throughout this past year and for bringing home the state championship to their school and community. I ask you to join me in recognizing Mikayla Reed on a job well done.

Mr. LUETKEMEYER

Mr. LUETKEMEYER. Mr. Speaker, I rise today to ask my colleagues to join me in congratulating Luke Allen from the Calvary Lutheran Lions for his first place win in the long jump and triple jump at the 2017 Missouri Class 1 Boys Track and Field State Championship. Luke and his coach should be commended for all of their hard work throughout this past year and for bringing home the state championship to their school and community. I ask you to join me in recognizing Luke Allen for a job well done.

Mr. LUETKEMEYER

Mr. LUETKEMEYER. Mr. Speaker, I rise today to ask my colleagues to join me in congratulating Lauren Gerlemann of the New Haven Shamrocks for her first place win in the long jump at the 2017 Missouri Class 1 Girls Track and Field State Championship. Lauren and her coach should be commended for all of their hard work throughout this past year and for bringing home the state championship to their school and community. I ask you to join me in recognizing Lauren Gerlemann on a job well done.

Mr. LUETKEMEYER

Mr. LUETKEMEYER. Mr. Speaker, I rise today to ask my colleagues to join me in congratulating the Washington Blue Jays Scholar Bowl Team for their first place win in the 2017 Missouri Class 4 Scholar Bowl State Championship. This team and their coach should be commended for all of their hard work throughout this past year and for bringing home the state championship to their school and community. I ask you to join me in recognizing the Washington Blue Jays Scholar Bowl team for a job well done.

Mr. LUETKEMEYER

Mr. LUETKEMEYER. Mr. Speaker, I rise today to ask my colleagues to join me in congratulating Lucas Kuhn of the Chamois Pirates for his first place win in the 300 meter hurdles at the 2017 Missouri Class 1 Boys Track and Field State Championship. Lucas and his coach should be commended for all of their hard work throughout this past year and for bringing home the state championship to their school and community. I ask you to join me in recognizing Lucas Kuhn for a job well done.

Mr. LUETKEMEYER

Mr. LUETKEMEYER. Mr. Speaker, I rise today to ask my colleagues to join me in congratulating the New Haven Shamrocks Girls Relay Team on their first place win in the Class 1 4x400 meter relay at the 2017 Missouri Track and Field State Championship. This team and their coach should be commended for all of their hard work throughout this past year and for bringing home the state championship to their school and community. I ask you to join me in recognizing the New Haven Shamrocks Girls Relay Team on a job well done.

Mr. LUETKEMEYER

Mr. LUETKEMEYER. Mr. Speaker, I rise today to ask my colleagues to join me in congratulating Kylie Meier of the Camdenton Lakers for her first place win in the 300 meter hurdles at the 2017 Missouri Class 4 Girls Track and Field State Championship. Kylie and her coach should be commended for all of their hard work throughout this past year and for bringing home the state championship to their school and community. I ask you to join me in recognizing Kylie Meier on a job well done.

Mr. LUETKEMEYER

Mr. LUETKEMEYER. Mr. Speaker, I rise today to ask my colleagues to join me in congratulating Deric Purnell of the Union Wildcats for his first place win in the 100 and 200 meter dash at the 2017 Missouri Class 4 Boys Track and Field State Championship. Deric and his coach should be commended for all of their hard work throughout this past year and for bringing home the state championship to their school and community. I ask you to join me in recognizing Deric Purnell on a job well done.

Mr. LUETKEMEYER

Mr. LUETKEMEYER. Mr. Speaker, I rise today to ask my colleagues to join me in congratulating the Eureka Girls Soccer Team on their first place win in the 2017 Missouri Class 4 Girls Soccer State Championship. This team should be commended for all of their hard work throughout this past year and for bringing home the state championship to their school and community. I ask you to join me in recognizing the Eureka Girls Soccer Team for a job well done.

Mr. LUETKEMEYER

Mr. LUETKEMEYER. Mr. Speaker, I rise today to ask my colleagues to join me in congratulating Adam Gauzy of the Washington Blue Jays for his first place win in the 400 meter dash at the 2017 Missouri Class 4 Boys Track and Field State Championship. Adam and his coach should be commended for all of their hard work throughout this past year and for bringing home the state championship to their school and community. I ask you to join me in recognizing Adam Gauzy for a job well done.

Mr. LUETKEMEYER

Mr. LUETKEMEYER. Mr. Speaker, I rise today to ask my colleagues to join me in congratulating Devon Ridenhour from the Owensville Dutchmen for his first place win in the long jump at the 2017 Missouri Class 3 Boys Track and Field State Championship. Devon and his coach should be commended for all of their hard work throughout this past year and for bringing home the state championship to their school and community. I ask you to join me in recognizing Devon Ridenhour for a job well done.