Issue link: https://read.dmtmag.com/i/72467
Chairman Bachus Comments on Legal Challenge to Dodd-Frank Act Financial Services Committee Chairman Spencer Bachus, who has introduced legislation approved by the House to place the Consumer Financial Protection Bureau (CFPB) under the leadership of a five-member, bipartisan commis- sion, released the following statement about a lawsuit filed in federal court today challenging the constitutionality of the Dodd-Frank Act: "There is no question the Consumer Finan- cial Protection Bureau – by the design of Dodd- Frank Act supporters – lacks accountability and transparency. As it is currently structured, the CFPB is one of the most powerful and least ac- countable agencies in all of Washington. Everyone supports consumer protection, but everyone should also support real oversight and accountability of massive government bureau- cracies, and that includes the CFPB. House Republicans have worked to change the bureau's structure to make the CFPB more effective, less politicized and more accountable. We've ap- proved common sense reforms that in no way di- minish the CFPB's consumer protection mission but do guarantee taxpayers there will be checks and balances on a government bureaucracy that \ 20 spends hundreds of millions of dollars," said Chairman Bachus. "A bipartisan commission would help ensure that CFPB rules are balanced, fair and reason- able. It also promotes continuity in rulemaking by preventing a new director fromunilaterally re- versing the decisions made by a previous direc- tor. This is a structure that has worked well for nearly every other regulatory body in this coun- try and will work for the CFPB," Chairman Bachus said. The Dodd-Frank Act established the CFPB as an independent bureau within the Federal Re- serve. Under Dodd-Frank, the CFPB is run by a single director who has sole authority over the agency's 1,000-plus government employees and can spend its budget without any oversight. The CFPB director also has the authority to de- cide which financial products and services will be available to American consumers. The CFPB director's mandates can be over- turned, but only in extremely limited and highly unlikely circumstances by a small council of fel- low Presidential appointees – one of whom is the CFPB direc- If you can perform deliver benefits even in the worst of condi- tions, then what's left to be afraid of? It gives buy- ers confidence tomove forward and reduces buyer's remorse. It's the safety net new buyers need in an uncertain market. Given all the above, it will require some thought to craft your own elevator speech and get it where you feel comfortable with it. Once you go through this exercise and hone your statement into finished form, it will become a powerfulmagnet to help you attract more business. It will also help you empower your employees and sales team to have focus on your benefits. Creating your elevator speech was point #8 of the 10 points I covered last month on how to create your Attraction Plan. I sug- gest you go back and review all ten points in that article. And if you need some additional help, callme. My elevator speech is: "I help builders and housing companies and communities attractmore qualified buyers in less time, even with a smaller staff and limited resources." T J Scott Stroud helps manufacturers; dealers and communities tell their story and better communicate their benefits to buyers. He is the co- founder of BuilderRadio.com andQ3Marketing, teaches and advises on sales, marketing automation, and social media, and offers sales and mar- keting coaching through The Selling More Homes Academy. Contact Scott at sstroud@builderradio.com, or call 606-677-0447. to Your Bottomboard Mending Problems Part #EM 4165T The Economical Solution • 4"x165Woven Polyethylene Bottomboard Material • Specially Coated with Acrylic Adhesive to Allow Bonding with Mobile Home Bottomboard • No "Hard To Handle" Release Paper • Not Affected by Temperature or Humidity MB Products& Sales Products for the Manufactured Housing Industry For Nearest Distributor call 336-210-6759 No. 14 on Get It Quick Page JULY 2012 21 THE JOURNAL Econo-Mend tor. This makes the CFPB unlike any other gov- ernmental agency, including those whose re- sponsibilities include protecting consumers. The House passed legislation in July 2011 on a vote of 241-173 to improve the structure of the CFPB. H.R. 1315, introduced by Rep. Sean Duffy, Chairman Bachus and Rep. Shelley Moore Capito: • Establishes a five-member, bipartisan com- mission to manage the CFPB. House Democ- rats had voted to place the CFPB under the direction of a five-member, bipartisan commis- sion during debate over the Dodd-Frank Act but later abandoned their support for the commission structure. • Creates ameaningful review process for rules promulgated by the CFPB that takes into con- sideration how a proposed rule could endanger the safety and soundness of consumers' financial institutions; and • Ensures there is a Senate-confirmed chair of the commission before the CFPB exercises its new regulatory authority.