U.S. House Majority Whip Rep. Tom Emmer (R-MN) introduced a pair of bills last week that target the Consumer Financial Protection Bureau (CFPB).
Emmer said the two bills, the CFPB Dual Mandate and Economic Analysis Act (H.R. 2489) and the CFPB Whistleblower Incentives and Protection Act (H.R. 2490), redirect the CFPB’s mission of strengthening local communities.
“The CFPB cannot continue its trend of haphazard rulemaking that often does little but find solutions in search of problems,” Emmer said. “The CFPB should work to empower everyday Americans rather than pursue initiatives that empower the federal government. To do so, the agency must require the input of the American people, both to help guide federal policy towards greater competition and ensure bureaucrats at the CFPB are advancing the needs of everyday Americans.”
The Dual Mandate and Economic Analysis Act would establish a CFPB Office of Economic Analysis to review all proposed and existing rules, orders, guidance and regulations as a means of identifying the problem solved by the action and how the action would impact consumer choice, price and access to financial products.
The CFPB Whistleblower Incentives and Protection Act would provide awards to whistleblowers reporting information regarding a violation of consumer financial law resulting in sanctions exceeding $1 million dollars. It would also establish requirements involving whistleblower legal representation and confidentiality.