The House Financial Services Committee passed two bills authored by U.S. Rep. Blaine Luetkemeyer (R-MO) to reform the Consumer Financial Protection Bureau (CFPB).
One is the Consumer Financial Protection Commission Act, which calls for replacing the CFPB director position with a bipartisan, five-person commission.
“The CFPB is our country’s most economically dangerous government agency. It’s led by a sole director who, as we’ve seen, especially with Director Chopra, wields an enormous amount of unchecked power over the U.S. economy. My bills would rein in that power by establishing an independent Inspector General at the Bureau and replacing the director with a bipartisan commission,” Luetkemeyer said.
The second is the Bureau of Consumer Financial Protection-Inspector General Reform Act of 2023. Currently, there is only one Inspector General office for both the Federal Reserve and the CFPB. This bill would establish an independent Inspector General specifically for the CFPB.
“These bills would bring notable changes to the director’s power and put the Bureau in line with other financial regulators. Further, they will eliminate the ability to use the Bureau as a tool to carry out political vendettas and prevent massive policy swings with each Administration,” the congressman added.
The bills now move to the full House for consideration there.