00:00Thank you, Mr. Chairman.
00:01You know, I think it's, and thank all of you for taking the time to come.
00:05I'm a businessman.
00:06I'm a real estate developer.
00:08Mr. Frotman, your comments are outrageous, to be honest with you.
00:15You're talking the Democrat points.
00:17I'm glad you're bringing up Elon Musk.
00:19The American people owe a debt of gratitude to a man that's showing where tax money is
00:23going.
00:24They don't agree with it.
00:2627 million people do not agree with the former president.
00:31And in your, you resigned twice under Trump.
00:36You resigned most recently in February of 2025.
00:40I kind of wish you'd stay because you'd be the first one to get fired.
00:43And let me just say this.
00:44The fact that Congressman, the fact that you're on the student loan, you formed the Student
00:49Protection, Borough Protection Center.
00:53You took part in the Biden administration's.
00:56of loans.
00:57The people that you talk about, the veterans and the poor families, their tax dollars meant
01:02to pay student loans that they were forced to pay.
01:06And now, I think what is what is appalling is the richest man in America telling dedicated
01:12public servants who want to protect service members and students.
01:16Do you not have any decency?
01:18Do you not have any?
01:19This isn't your, this isn't your platform.
01:22I've got three minutes left.
01:24I'm going to ask it to some sane people over here.
01:27So, but the fact that you took money, took part in paying off loans that the taxpayers
01:33had no say so in is unbelievable.
01:36Ms. Coon, one of Dr. Chopra's midnight rulemaking moves before he left was remove medical debt
01:44information from the Consumer Report and prohibits lenders from examining the credit history
01:53of a borrower.
01:55We've got a bill up that we're trying to get out of committee.
01:58But do you think the CFPB even has the authority under the Fair Credit Reporting Act to require
02:06the removal of a debt that they owe?
02:12And the payment of it, I think, is an important part of a credit report.
02:17Why is it being removed?
02:18And does CFPB have that right to do?
02:25I do not believe they have that right.
02:27The Fair Credit Reporting Act actually addresses medical debt, and it protects consumers' privacy
02:34with respect to their medical information.
02:37It allows financial institutions to use the financial aspect.
02:42Does a consumer have significant medical debt?
02:45And consider that in connection with making a loan or a larger mortgage transaction, for
02:50example.
02:52The rule ignores the restrictions and requirements of the Fair Credit Reporting Act.
02:59It ignores data that had been supplied.
03:02It relies on 10-year-old studies that really have no bearing on what today's market looks
03:09like.
03:10And by the time those studies were conducted by the CFPB to the issuance of the rule, the
03:17market had changed.
03:18It had already made significant changes.
03:20And so it's based on faulty premise.
03:23So it's got a terribly weak record associated with it.
03:27And even the Small Business Administration filed comments raising concerns about the
03:31process that led to the rule.
03:33So I agree that I do not believe they have the authority.
03:38And even under the Administrative Procedures Act, they don't have the record that supports
03:44the steps that they took.
03:46That's the audacity of Mr. Chopra and his disdain for the American people.
03:54And if you're going to exclude medical debt, what about paying your credit card off?
04:01What about paying your loan on your house off?
04:03Why not exclude that?
04:05Why not just exclude everything?
04:07So you really, in student loan repayments, what's left that was so much advocated by
04:15Mr. Frotman to give away from or to force the American people to pay for, what about
04:19excluding that?
04:22And that's one of the concerns about the approach that the CFPB took in the medical debt rule.
04:28What's the next thing that's not popular that they want to take out of the financial system
04:33to hide or mask information?
04:36The legal theory that they used to support the actions they took in the rule would support
04:41them, you know, basically anything they're not happy with, small dollar or student loans
04:46or things like that.
04:48It's my view that that's the role of Congress to make those decisions.
04:51The Fair Credit Reporting Act has a whole section where Congress has decided what's
04:56fair to include and what's not, and they ignore that entirely in the rule.
05:00Okay.
05:01Thank you so much.
05:02Since time has expired, the gentleman from Pennsylvania.
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