Luetkemeyer Introduces Bill to Create CFPB Commission
Washington, March 5, 2020
Tags: Financial Services
WASHINGTON, D.C. – Today, Congressman Blaine Luetkemeyer (R-MO), Ranking Member of the Subcommittee on Consumer Protection and Financial Institutions, introduced a bill to replace the position of the Director at the Consumer Financial Protection Bureau (CFPB) with a five-member bipartisan commission.
“As former CFPB Director Mick Mulvaney said himself, the CFPB’s ‘lack of accountability to any representative branch of government should be a warning sign that a lapse in democratic structure and republican principles has occurred.’ He went on to say the power the director possesses ‘should frighten people.’ That power has raised so many alarms that the United States Supreme Court is currently deliberating on whether the position is even constitutional.
“Regardless of the Court’s decision, the fact of the matter is no single person should wield such unabated power over our economy, which is the exact reason many financial regulators are guided by a commission. My bill eliminates the director position in favor of a commission to ensure the CPFB can be held accountable and maintain the transparency the American people expect.”