Consumer Financial Protection Bureau (CFPB) Director Richard Cordray answered tough questions from lawmakers earlier today about the organization's data collection and office renovation. The office renovation is projected to cost $184 million dollars. There was a particularly testy exchange between Cordray and Chairman of the House Financial Services Committee Jeb Hensarling (R., Texas). From the Free Beacon:
“Let me just ask you about specific costs, they come from public documents that have been filed, and with taxpayer money—you do agree it’s taxpayer money that you are spending?” Hensarling said.
“I would say that I have children, too,” Cordray said, responding to a remark Hensarling made about how he fears how the debt will impact his kids. “And I care about the debt as you do, for the same reasons.”
“I just asked, do you agree it’s taxpayer money?” Hensarling said.
“It is federal government money that comes from the Federal Reserve,” Cordray said.
“Okay, so it’s difficult for you to say it’s taxpayer money.”
“I don’t know whether taxpayer is the right term or not,” Cordray replied. “It’s the money of Americans.”
“I would say the taxpayers feel it’s the right term,” Hensarling said.
Emphasis added. Free money from the Federal Reserve! What could possibly go wrong?
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