Transcription
One answer changed the entire hearing. When Russell Vought said he works for the president, Rashida Tlaib immediately pushed back, accusing him of forgetting who federal officials are actually sworn to serve.
>> Gentlewoman yields back. Chair recognizes the gentlewoman from Michigan, Ms. Tlaib. You're recognized for 5 minutes.
>> Uh thank you so much, Mr. Chairman. Uh Director Vought, is it true or false that uh your agency has dismissed and terminated more than 40 lawsuits and settlements against predatory companies?
>> These were not predatory companies.
>> Yeah, are you friends with Capital One?
>> With Capital One, no, I don't know them.
>> Walmart?
>> Nope.
>> Zelle?
>> Nope.
>> even settlements against Toyota, Navy Federal, Bank of America.
>> Would you like to know why?
>> Oh, sure. Cuz it looks like the past directors, you're getting so defensive. You're not friends with them. I wanted to make sure it wasn't personal. You're not friends with them, right? It's a It's a direct question. Who do you work for, Director?
>> President of the United States.
>> No. You work for the people of the United States. You do not work for the president. You have legislation and laws that we pass as elected body members here. You do not work for the president. It's wrong. You take an oath to the people of this country, and we pass laws that you are supposed to enforce. You do not work for the president. So that's probably why
>> the founding fathers would have a different view, Congresswoman.
>> Oh, I I I'm so glad this is on record. You should be fired cuz you work for the people, not not the president. None of us work for the president.
>> The president won an election democratically.
>> I'm not Hey, I'm not I actually don't contest that like you all do. Now, is it true these cases and others dropped lawsuits could have returned hundreds of millions of dollars to consumers?
>> They could have also set terrible regulatory initiative and enforcement decisions.
>> the record, Director Vought, um a memo, Chairman, uh from the Protect Borrowers, the Consumer Federation of America, and Americans for Financial Reform Education Fund, cuz I want the American people to see all the lawsuits you filed. You decided you didn't file. You actually decided not to pursue those losses. And Mr. Chair, it's important for the American people to know this. Is it true or false before 2005 CFPB only dropped one enforcement action and never terminated a settlement?
>> I actually don't know what the answer is.
>> Yeah, you don't know because you think that you work for the president. You actually don't see what the agency was created for. Why do you think the agency was created because of the president? Because Congress created the agency because of the awful financial distress that had happened on our American people. You can blink your eyes all you want. Last year Americans lost roughly $16 billion to fraud. 25% increase from 2024 on your watch. The highest level on record on your watch. In fact, CFPB has received more consumer complaints in 14 months than in the first 14 years of its existence. Your watch.