Today Boyden Gray testified on the constitutionality of Dodd-Frank and the Consumer Financial Protection Bureau (CFPB) before the U.S. Senate Committee on the Judiciary’s Subcommittee on the Constitution. Ambassador Gray raised concerns about CFPB’s lack of accountability arising from its independence from both Congress and the President. He criticized the Bureau’s recent mass data grabs gathering information from millions of credit reports, credit card accounts, and mortgages. Ambassador Gray also observed that since Dodd-Frank was passed five years ago, big banks have only gotten bigger, and community banks have begun to disappear.
Boyden Gray & Associates currently represents State National Bank of Big Spring in its pending challenge of portions of Dodd-Frank.
A video of the hearing is available here.
Ambassador Gray’s prepared statement is below.