The House will consider Rep. Sean Duffy’s (R-Wis.) Consumer Financial Freedom and Washington Accountability Act to reform the CFPB on Feb. 27.
The bill — H.R. 3193 — was passed by the House Financial Services Committee in November. It aims to bring greater accountability and transparency to the CFPB by replacing the CFPB director with a bipartisan five-member commission, subjecting the agency’s budget to the congressional appropriations process and prohibiting use of consumer data without knowledge or consent.
“We know that (the CFPB) is an agency that was designed to be unique, if not perhaps rogue; it is an agency like no other,” House Financial Services Committee Chairman Jeb Hensarling (R-Texas) said. “Arguably it is the single most powerful and least accountable Federal agency in the history of our nation and thus demands rigorous oversight. The American people deserve better. They now have witnessed a failed stimulus plan, trillions of dollars of unsustainable debt… revelations of NSA domestic data collection and a broken promise of ‘if you like your health insurance, you can keep it.’ The American people rightfully demand accountability from this administration, and H.R. 3193 is a step in the right direction.”
The legislation would also limit the agency’s regulatory scope and set basic pay rates for CFPB employees consistent with the General Services scale.