Luetkemeyer bill targets CFPB reform

U.S. Rep. Blaine Luetkemeyer (R-MO) has introduced three bills he maintains would deliver Consumer Financial Protection Bureau (CFPB) reform.

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“The CFPB is our country’s most economically dangerous government agency,” Luetkemeyer said. “It’s led by a sole director who, as we’ve seen especially with Director Chopra, wields an enormous amount of unchecked power. My bills would rein in that power by establishing an independent Inspector General at the Bureau, replacing the director with a bipartisan commission, and removing the director from the FDIC Board.”

The Consumer Financial Protection Commission Act ( H.R. 1410) would create a five-person commission proponents maintain would curb the CFPB director’s powers. The FDIC Board Accountability Act (H.R. 1409) would remove the CFPB Director from the FDIC Board of Directors and place term limits for FDIC Board of Directors members’ service. The Bureau of Consumer Financial Protection-Inspector General Reform Act of 2023 (H.R 1411) would form an independent CFPB Inspector General to minimize politically motivated actions and improve agency transparency.

“While these would be noticeable changes to the director’s power, they would put the Bureau in line with other financial regulators,”
Luetkemeyer said. “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.”