'How Many Complaints?': Al Green Presses Trump Official In Heated Hearing — WORLD NEWS — US NEWS

[0:00] I thank the witness for appearing today. [0:02] Mr. Vogt, I'm reviewing your website and there's an indication [0:07] that you will receive complaints and if another agency is better suited to assist, [0:13] you will send those complaints to this other agency. [0:17] Is this a fair statement? [0:19] I think that's fair. [0:20] All right. [0:21] And do you maintain records on the complaints that you receive, sir? [0:26] We maintain all the records of the consumer portal. [0:29] We're taking great steps to rationalize them. [0:31] I'll take that as a yes. [0:33] And in so doing, if you received a complaint about a Ponzi scheme, [0:41] you would send that complaint to the appropriate agency? [0:43] If we did not have statutory authority, yes. [0:47] Okay. [0:48] Well, let's just review what a Ponzi scheme is quickly. [0:51] A Ponzi scheme, according to Wicca Investopedia, is a fraudulent investment scam [0:56] that pays returns to earlier investors using capital collected [1:00] from new investors rather than from any actual business profit, [1:06] named after 1920s swindler Charles Ponzi. [1:10] The scheme creates a false illusion of a highly profitable enterprise [1:15] to continuously lure in fresh capital. [1:20] A Ponzi scheme. [1:21] Let's talk about a Ponzi scheme that has made the news as of late. [1:26] Over a one-year period, President Trump's dollar sign Trump pump-and-dump meme coin [1:35] has averaged about $1.7 million in profits per day. [1:40] $1.74 million in profits per day. [1:44] Over that same period of time, investors lost a combined $3.8 billion. [1:50] This kind of Ponzi scheme has been reported to you. [2:01] Can you give me, at some point, the number of complaints you've received [2:06] about the President of the United States of America and his Ponzi scheme? [2:10] Congressman, I'm not going to speak to the President's investments, [2:13] other than to say this administration has had the highest- [2:15] Without going into his investments, I want to know about complaints [2:18] that you've received. [2:19] You said you received the complaints. [2:21] Can you just give me information about the complaints you've received? [2:25] That is public information, isn't it? [2:27] I don't have that at my fingertips. [2:29] I know you don't have it at your fingertips. [2:30] The question is whether you give it to me now. [2:32] That is unreasonable. [2:34] I said I'm happy to respond to QFRs on all matters. [2:37] Okay. [2:38] Well, I don't know what response means. [2:39] Is that a yes you'll give me the complaints? [2:41] You'll let me know the number? [2:42] I don't know what you're referring to. [2:44] I'm referring to complaints about the President of the United States of America [2:47] who made $1.74 million per day while other persons were losing billions of dollars, [2:54] $3.8 billion over the same period of time that he was making $1.74 million per day. [2:59] I'd like to know the number of complaints that you've received as they relate to- [3:05] Let's take out the term President. [3:07] As they relate to Donald John Trump. [3:09] I said I would respond to any of the QFRs that you might have [3:15] when I don't have the information in front of me. [3:18] That would be unreasonable. [3:20] I would not expect you to have it in front of you, sir. [3:22] Now, before I conclude, I want to associate myself with the statements of the ranking member [3:28] and also Mr. Vargas. [3:30] I heard his statements. [3:32] And I conclude with this. [3:36] Charles, I want to call him swindler, but he was a predatory person who engaged in a Ponzi scheme. [3:46] He's the first person who originated this whole concept of a Ponzi scheme, Charles Ponzi. [3:51] The President, dear sir, appears to be a person who has somehow legitimized a Ponzi scheme [4:01] that would be called swindling in a righteous world. [4:07] I can but only conclude that the President of the United States, in doing what he's doing [4:14] to persons by pumping and dumping his Ponzi scheme meme coin, he's engaging in a swindle. [4:23] And it does not in any way bring me joy to tell you that we have a swindler as a president. [4:31] So, now, if you receive these complaints about the swindler, I assume that you will take appropriate action [4:41] and that you'll at least send me information concerning the number of complaints. [4:47] But more than that, it would seem to me that this would be the kind of thing you would be interested [4:51] in investigating if the President of the United States is engaged in a Ponzi scheme. [4:57] Would you conclude? [4:58] The gentleman's time has expired. [4:59] Mr. President. [5:00] Thank you. [5:01] Mr. Chairman. [5:01] Mr. Chairman. [5:02] Just a moment. [5:03] Mr. Chairman, I seek recognition. [5:04] I yield back. [5:05] Mr. The time belongs to the Chairman right this moment. [5:09] I haven't recognized anybody. [5:10] That gentleman's time has expired. [5:13] And as I've done once before today, I want to remind all members of the committee to observe [5:16] the principles of decorum and courtesy and debate in the House of Representatives and its committees. [5:20] And once again, remind members on both sides of the aisle to direct their remarks to the Chair [5:25] and do not speak in what is properly recognized and avoid engaging in personalities or impugning the motives [5:30] of another member or the President. [5:33] With that, I recognize the gentleman from California. [5:37] Thank you very much. [5:39] Mr. Chairman, Mr. Vogt's testimony has been completely inadequate to say the least. [5:44] This is the first and likely only time Mr. Vogt may testify before this Congress, despite [5:53] being required by law to do so biannually. [5:55] As a result, members of this committee are being deprived of the ability to examine the significant [6:04] administrative, budgetary, regulatory, and enforcement changes the Consumer Financial Protection Bureau [6:12] has implemented under the leadership of acting director vote. [6:17] So pursuant to Clause 2J1 of Rule 11 of the Rules of the House and Clause D5 of Rule 3 of the Rules of the Committee on Financial Services, [6:31] I and every Democratic member of the Committee unanimously requests to call additional witnesses [6:38] selected by committee Democrats to testify in continuation of today's hearing, also known as Minority Day Hearing. [6:49] Continuing this hearing with the second panel will provide members of the committee and the American public [6:55] the opportunity to examine the activities of the Consumer Financial Protection Bureau under the leadership of Acting Director Vogt [7:05] and their impact on consumer protection in the American financial system. [7:10] I also request unanimous consent to enter our Minority Day Hearing Request Letter into the record. [7:18] I thank the gentlewoman. Your letter will be entered in the record by unanimous consent. [7:23] And I appreciate your request on holding a Minority Day Hearing. [7:27] The committee will review this request pursuant to Clause 2J1 of House Rule 11 and Committee Rule 3D5 [7:35] and will work with the ranking member to determine a date for that requested hearing. [7:40] We'll now proceed, and the chair recognizes the gentleman from Florida, Mr. Herodopoulos, for three minutes. [7:45] I see correctly. [7:46] Thank you, Mr. Chairman. [7:47] Okay. [7:48] All right. [7:49] Thank you very much. [7:50] First of all, thank you very much for your service. [7:52] How dedicated you are to looking out for the taxpayer first. [7:55] And it is a welcome change we've seen from the past. [7:59] I also want to express my disappointment in some of the unprofessional comments made towards you today. [8:04] Every time you come here, you always hand yourself a class in dignity. [8:07] I very much appreciate that. [8:08] I think we need to elevate the conversation in Congress, and you've done that today. [8:13] I also want to remind people that the Federal Trade Commission, the Federal Reserve, the Office of the Comptroller of the Currency, [8:20] FDIC, the National Credit Union Administration, HUD, the Department of Justice, the SEC, the Federal Housing Finance Agency, [8:28] and every State Attorney General has the ability to look out for the consumer. [8:33] It's not just this one agency that you happen to chair at this point. [8:37] And I think that should be recognized. [8:40] Also, some of the comments made today about fraud. [8:43] This is a welcome conversation. [8:45] I think that I saw today in the Senate that there is a hearing on fraud, and not one member of the other side of the aisle showed up at the meeting. [8:53] And everyone is seeing these incredible reports about fraud in whether it be Minnesota, in California, [9:00] where people are clearly just stealing money from the government, and some people just choose to turn a blind eye. [9:07] It's shocking, considering some of the allegations that have been made today. [9:11] And so I've heard some of the disappointing comments today. [9:15] So I'd like to give you a little bit of time, as we conclude today, to address some of the things that you still want to address [9:21] before you conclude your testimony today. [9:23] No, thanks for the comment. [9:25] It's one of the approaches that we've tried to take with regard to utilizing the tools of the CFPB, [9:30] is to recognize that we're not the only cop on the beat, and to take our responsibilities seriously, [9:36] but also to work with our other regulators to figure out who's the best person, [9:40] who's the best agency with regard to congressional intent, and that's how we've designed our priorities. [9:45] And with that, Mr. Chairman, I would also applaud your efforts today to keep this as even as we can today. [9:51] I appreciate that, and again, I hope we can elevate the conversation, [9:54] because this is what really makes Congress a special place where we all serve and have the honor to serve.