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All right thank you Nicole.
Both senator Mike -- -- saying that he wants changes to the Consumer Financial Protection Bureau before considering the re nomination.
Of Richard -- rate as its head.
Just one of the issues on the senator's agenda as he takes over as the ranking member of the senate banking committee are -- Peter Barnes joins us now from Washington.
For Fox Business exclusive interview with the senator -- Well -- sure on that -- -- -- up up perfectly senator -- because -- the top Republican on the senate banking committee and will be doing a lot of heavy lifting there.
When he takes over the seat formally.
And senator welcome to Fox Business thank you good to be with you so what are your priorities now as the ranking Republican on the banking committee.
Well there are a number of them and I I think the top of the list has to be Dodd-Frank legislation both.
Oversight of the implementation of the rules as well as sort of legislative fixes to correct the legislation in areas where we can find common ground.
Secondly GSE reform Fannie and Freddie and Freddie need to come battery server receivership and we need to figure out what to do with them.
And second and thirdly FHA reform as a part of that.
And I'd actually like to see us focus a very regretful believe in a broad sense on capital formation there's too much capital on the sidelines because of what I perceive to be.
-- climate in which business just does not know what the rules are going to be and the rules that they do know about ten to in part -- many cases.
-- push their capital away from the market rather -- into the market do you think you be able to work with Democrats sound on those issues and actually get some consensus and get legislation on these issues out of the committee and -- to the full senate.
Yes I do believe so obviously there is a significant -- -- gridlock in congress right now.
But the banking committee has a history of working together in a bipartisan fashion.
That's broken down a little bit the last couple congresses but senator Johnson and I have a good working relationship and I expect us to try to build that back.
There'll be areas where we can agree.
But there will be areas where we can agree and and I think that we are going to have an opportunity now in this congress.
To build some really good bipartisan steps forward in this arena.
-- senator Tim Johnson who's the chairman senator and democratic chairman of the committee one piece of Dodd-Frank -- the consumer financial financial protection bureau.
Richard -- Dre has been renominated by the president to.
Be the director of that of that agency formally.
He was recess appoint last year Perez Republicans in the senate.
Block that nomination.
You don't like this renomination.
Because you'd like to see structural changes in the CF PB what will it take.
To get your vote to confirm Richard court -- formally for the -- that that agency.
We've explained it correctly this issue isn't about Richard -- -- it's about the agency itself and how it was structured.
And the constitutional prerogative of the senate to advise and consent over properly nominated candidates.
I believe there is ground there for us to move forward the two major concerns that -- the Republicans -- and as you may recall there were 4445.
Of those who signed a letter.
To this effect in the last congress and I expect it to be that strong in this congress.
Our concerns are that the agency has just given all of -- power of one individual the director no board no commission and we think that needs to be corrected.
And then secondly there's no congressional oversight once that director is put into place over the budget.
And in fact there's not even.
Any kind of requirement that the financing for that committee -- for that agency come from either private sector funding or from.
The government that -- -- the requirement simply that the director has the ability to tap.
The Fed and and take the necessary resources that that that he or she wants if we can correct those two things and I think they should be correct double.
-- I think that you might see more willingness on the part of Republicans to move forward.
But if those fixes don't come -- Republicans.
They prepared to again block that nomination formally.
I can't speak for all of my colleagues though -- you have just set idea I believe that that there will be that kind of strength of conviction among the broad majority of the Republican caucus.
And the point would be this we're not prepared to move forward with any nominee it hasn't.
Got anything to do with the individual person who's that issue right now Richard courtroom.
I don't think we're ready to move forward with any nominee until the agency is restructured and reformed in a way that is.
Problem -- that sounds like he could his nomination could be blocked again it could be the position -- -- -- finally you met with that Jack -- with a -- yes has nominated.
As Treasury Secretary -- on the finance committee is well.
So you'll be hearing from my him in his senate confirmation hearings.
-- meeting go with jetBlue and are you ready to cast your vote for him as the next treasury sector.
Well I'm keeping my a my vote to -- -- actually haven't made a final decision right now.
But we did have a very good meeting.
That the issues that I have with regard to the secretary of treasury again regardless of who it is.
Is what kind of direction we will get with regard to dealing with our broader fiscal crisis the debt crisis that we face.
I have very strong objections to the direction we've been taking -- give them getting from the administration.
Namely increased federal spending increase stimulus spending and increase taxes.
I think the increase spending and increase taxing approach to our fiscal crisis is wrong.
We need to focus on the fact that the problem is in the spending we need to deal with our entire budget everything needs to be on the table including.
Medicare Medicaid in the entitlement programs as well as revenue has has juncture you know.
I'm a strong advocate for a broad based program something similar to what the Bowles Simpson commission put out.
But I want to see a commitment to a pro growth agenda to the kind of reform of our tax code.
That will make -- so that we don't have the most unfair the most complex the most expensive to comply with and most anti competitive tax code that -- Could have conceivably come up with a we tried to do it and so those kind of reforms -- what I'm looking for in terms of the leadership of step of the Treasury Department.
Alright senator -- great post thanks for joining us on Fox Business.
We'll be watching what they -- every step although -- -- all these important issues Dennis and Gerald back to you know.
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